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TheProfilerGroup<br />

DOING BUSINESS<br />

CYPRUS<br />

SAUDI ARABIA EDITION


DOING BUSINESS C YPRUS<br />

2<br />

SAUDI ARABIA EDITION<br />

TheProfilerGroup<br />

The Profiler Group is a specialist publisher of country <strong>in</strong>formation that assists<br />

corporations manag<strong>in</strong>g operations across national borders with trade, <strong>in</strong>vestment<br />

and relocation decisions. The Profiler Group is recognised by senior bus<strong>in</strong>ess<br />

executives, government representatives, <strong>in</strong>stitutions and global organisations<br />

as a lead<strong>in</strong>g provider of <strong>in</strong>formative and <strong>in</strong>sightful country <strong>in</strong>telligence.<br />

Krist<strong>in</strong>a Ernst<br />

Director<br />

ernst@theprofilergroup.com<br />

Heidi Martt<strong>in</strong>en<br />

Editor<br />

martt<strong>in</strong>en@theprofilergroup.com<br />

Victoria Vasiliou<br />

Adm<strong>in</strong>istrative Manager<br />

vasiliou@theprofilergroup.com<br />

EUROPE<br />

16, Elia Papakyriakou, Suite 101,<br />

Engomi, 2415 Nicosia, <strong>Cyprus</strong><br />

cyprus@theprofilergroup.com<br />

www.theprofilergroup.com<br />

www.cyprusprofile.com<br />

NORTH AMERICA<br />

21-2123 Walkers L<strong>in</strong>e,<br />

Burl<strong>in</strong>gton Ontario, L7M 4Z9, Canada<br />

RESEARCH & CONTRIBUTIONS<br />

The Profiler Group staff<br />

PUBLICATION DATE<br />

September 2022<br />

The <strong>in</strong>formation <strong>in</strong>cluded <strong>in</strong> this publication is<br />

for <strong>in</strong>formation purposes only and is subject<br />

to change. With regard to the licens<strong>in</strong>g of a<br />

bus<strong>in</strong>ess, <strong>in</strong>come generation or any other legal<br />

or account<strong>in</strong>g matters, the Publisher strongly<br />

recommends that the reader seeks the advice<br />

of an appropriately licensed professional.<br />

All rights reserved. Reproduction <strong>in</strong> whole or part<br />

is strictly prohibited without written permission.<br />

Op<strong>in</strong>ions expressed <strong>in</strong> this publication are not<br />

necessarily those of the editor or publisher. All<br />

reasonable care is taken to ensure truth and<br />

accuracy, but the editor and publishers cannot<br />

be held responsible for errors or omissions <strong>in</strong><br />

articles, advertis<strong>in</strong>g, photographs or illustrations.<br />

COOPERATION PARTNERS


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Learn more at www.pwc.com.cy/en/the-new-equation.html


DOING BUSINESS C YPRUS<br />

4<br />

SAUDI ARABIA EDITION<br />

Contents<br />

06<br />

10<br />

18<br />

22<br />

34<br />

36<br />

40<br />

46<br />

53<br />

56<br />

58<br />

64<br />

68<br />

73<br />

79<br />

CYPRUS AT A GLANCE<br />

Key Facts & Figures<br />

COUNTRY OVERVIEW<br />

<strong>Cyprus</strong>: Work-Life Balance<br />

INSIGHT<br />

M<strong>in</strong>ister of Energy, Commerce, and Industry Natasa Pilides<br />

FOREIGN DIRECT INVESTMENT<br />

Investment Gateway<br />

INSIGHT<br />

M<strong>in</strong>ister of Foreign Affairs Ioannis Kasoulides<br />

INTERVIEW<br />

Ambassador of the K<strong>in</strong>gdom of <strong>Saudi</strong> Arabia to the Republic of <strong>Cyprus</strong><br />

Khaled Mohammed Alsharif<br />

INTERVIEW<br />

Ambassador of the Republic of <strong>Cyprus</strong> to the K<strong>in</strong>gdom of <strong>Saudi</strong> Arabia<br />

Stavros Avgoustides<br />

SPOTLIGHT<br />

<strong>Cyprus</strong> Real Estate<br />

PROPERTY SHOWCASE<br />

Lead<strong>in</strong>g Developments <strong>in</strong> <strong>Cyprus</strong><br />

INSIGHT<br />

CEO of Invest <strong>Cyprus</strong> George Campanellas<br />

INCENTIVES<br />

New Government Action Plan<br />

INCENTIVES<br />

<strong>Cyprus</strong>-<strong>Saudi</strong> Arabia <strong>Bus<strong>in</strong>ess</strong> Association President Demos Anastassiou<br />

BUSINESS OPERATING ENVIRONMENT<br />

<strong>Bus<strong>in</strong>ess</strong> operat<strong>in</strong>g environment guide <strong>in</strong>clud<strong>in</strong>g taxation, bus<strong>in</strong>ess<br />

costs, commercial and residential property, and salary survey<br />

TAXATION<br />

Tax and Regulatory Regime of <strong>Cyprus</strong><br />

WHO’S WHO IN CYPRUS<br />

The def<strong>in</strong>itive guide to <strong>Cyprus</strong>’ lead<strong>in</strong>g companies,<br />

executives, and professional advisors


There are new<br />

competitors with a<br />

fresh vision.<br />

Is your company agile enough<br />

to outpace them?<br />

Us<strong>in</strong>g <strong>in</strong>novative tools, th<strong>in</strong>k<strong>in</strong>g and<br />

frameworks, KPMG can help adapt your<br />

bus<strong>in</strong>ess <strong>in</strong> the face of constant disruption.<br />

Learn more at kpmg.com.cy<br />

©2022 KPMG Limited, a <strong>Cyprus</strong> limited liability company and a member firm of the KPMG global organization of <strong>in</strong>dependent member firms affiliated with KPMG<br />

International Limited, a private English company limited by guarantee. All rights reserved.<br />

The KPMG name and logo are trademarks used under license by the <strong>in</strong>dependent member firms of the KPMG global organization.


DOING BUSINESS C YPRUS<br />

6<br />

SAUDI ARABIA EDITION<br />

<strong>Cyprus</strong> at a Glance<br />

Ly<strong>in</strong>g at the crossroads of Europe, Asia and Africa, <strong>Cyprus</strong> has long served as a<br />

major eastern trad<strong>in</strong>g post. It is a small country, but the third largest island <strong>in</strong><br />

the Mediterranean Sea and shares a maritime border with Egypt 300km to the<br />

south, Lebanon 108km to the east and Turkey 71km to the north, while ma<strong>in</strong>land<br />

Greece lies 800km to the north-west. With 10,000 years of history, the island’s<br />

strategic location has long made it a jewel <strong>in</strong> the crown of the powers of the day.<br />

PAPHOS<br />

(Pafos)<br />

101,900<br />

Paphos<br />

International<br />

Airport<br />

LIMASSOL<br />

(Lemesos)<br />

258,900<br />

NICOSIA<br />

(Lefkosia)<br />

351,600<br />

Larnaca<br />

International<br />

Airport<br />

LARNACA<br />

(Larnaka)<br />

154,200<br />

35ºN<br />

33ºE<br />

FAMAGUSTA<br />

(Ammochostos)<br />

51,500


DOING BUSINESS C YPRUS<br />

7<br />

SAUDI ARABIA EDITION<br />

CYPRUS<br />

DATA<br />

MEMBERSHIPS<br />

EU & Eurozone<br />

World Trade<br />

Organization<br />

United Nations<br />

Council of Europe<br />

Commonwealth<br />

World Bank & IMF<br />

RELIGION<br />

89.1%<br />

Greek Orthodox<br />

2.9% Roman Catholic<br />

2.0% Protestant/Anglican<br />

1.8% Muslim<br />

1.7% Unknown/Atheist<br />

1.0% Buddhist<br />

1.5% Other<br />

TOTAL POPULATION<br />

918,100<br />

Republic of <strong>Cyprus</strong><br />

79%<br />

Cypriot<br />

21%<br />

Non-Cypriot<br />

OFFICIAL LANGUAGES<br />

Greek &<br />

Turkish<br />

(bus<strong>in</strong>ess generally<br />

conducted <strong>in</strong> English)<br />

TIME<br />

+2 Hours<br />

ahead of GMT<br />

SUNSHINE<br />

340 days<br />

of sunsh<strong>in</strong>e/year<br />

AREA & SIZE<br />

9,251 km 2<br />

(3,355 km 2 <strong>in</strong> the<br />

occupied area)<br />

POPULATION DENSITY<br />

132<br />

(persons per km 2 )<br />

MEDIAN AGE<br />

38<br />

CURRENCY<br />

Euro (€)<br />

RAINFALL<br />

503 mm<br />

average annual<br />

AVERAGE TEMPERATURE<br />

+13ºC<br />

W<strong>in</strong>ter<br />

+34ºC<br />

Summer<br />

MAIN MEDIA<br />

<strong>Cyprus</strong> Mail<br />

Phileleftheros<br />

Politis<br />

CyBC


DOING BUSINESS C YPRUS<br />

8<br />

SAUDI ARABIA EDITION<br />

CYPRUS<br />

BUSINESS<br />

FIGURES<br />

TOTAL GDP<br />

€23.4<br />

billion<br />

(2021)<br />

GDP PER CAPITA<br />

€26,031<br />

(2021)<br />

12.3%<br />

Taxes & Subsidies<br />

5.4%<br />

Construction<br />

7.5%<br />

M<strong>in</strong><strong>in</strong>g, manufactur<strong>in</strong>g,<br />

electricity & water<br />

GDP<br />

BY SECTOR<br />

73.1%<br />

Services<br />

1.8%<br />

Agriculture,<br />

forestry & fish<strong>in</strong>g<br />

UNEMPLOYMENT<br />

7.5%<br />

(2021)<br />

GDP GROWTH<br />

5.5%<br />

(2021)<br />

INFLATION<br />

2.3%<br />

(2021)<br />

INTERNATIONAL RANKINGS<br />

Standard & Poor’s<br />

BBB<br />

CORPORATE<br />

TAX RATE<br />

12.5%<br />

TIME TO START<br />

UP A BUSINESS<br />

1.3 days<br />

ACCOUNTING<br />

STANDARD<br />

IFRS<br />

Fitch<br />

BBB- Moody’s<br />

Ba1<br />

(September 2022)<br />

MAIN TRADING PARTNERS<br />

UK<br />

Germany<br />

Italy<br />

France<br />

Israel<br />

Greece<br />

Ch<strong>in</strong>a<br />

CRIME<br />

0.9 per<br />

100 persons<br />

<strong>Cyprus</strong> is the safest<br />

country <strong>in</strong> the world for<br />

young people out of<br />

184 countries across<br />

the globe.


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The only place to live, work and play<br />

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Unrivalled facilities & services<br />

Indoor leisure retreats, an outdoor oasis,<br />

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DOING BUSINESS C YPRUS<br />

10<br />

SAUDI ARABIA EDITION<br />

COUNTRY OVERVIEW<br />

<strong>Cyprus</strong>: Work-Life Balance<br />

Renowned s<strong>in</strong>ce antiquity, <strong>Cyprus</strong> has re<strong>in</strong>vented<br />

itself multiple times and is go<strong>in</strong>g through another<br />

excit<strong>in</strong>g transformation today. The island nation has<br />

big ambitions to diversify its economy by plac<strong>in</strong>g<br />

<strong>in</strong>novation at its core, while it cont<strong>in</strong>ues to attract<br />

professional expats and foreign <strong>in</strong>vestors to its<br />

shores thanks to its relaxed lifestyle coupled with<br />

bourgeon<strong>in</strong>g prospects <strong>in</strong> multiple sectors.<br />

L<br />

ocated <strong>in</strong> the eastern Mediterranean at the crossroads of Europe, the Middle East<br />

and Africa, <strong>Cyprus</strong>’ strategic position has always played a key role <strong>in</strong> shap<strong>in</strong>g its<br />

10,000-year history and <strong>in</strong> develop<strong>in</strong>g the island <strong>in</strong>to a convenient centre for trade<br />

and <strong>in</strong>ternational bus<strong>in</strong>ess. Despite be<strong>in</strong>g a country of less than a million people,<br />

the Republic of <strong>Cyprus</strong> has steadily built itself <strong>in</strong>to a thriv<strong>in</strong>g bus<strong>in</strong>ess centre over<br />

the decades. An EU and eurozone member for over a decade, and with one of the<br />

highest educated populations <strong>in</strong> Europe, <strong>Cyprus</strong> has built a strong service-based<br />

economy. Its low-cost bus<strong>in</strong>ess environment with a wealth of support services, a<br />

sophisticated ICT <strong>in</strong>frastructure and <strong>in</strong>vestor-friendly tax regime – backed up by an<br />

extensive network of double taxation agreements with 67 countries – has developed<br />

<strong>Cyprus</strong> <strong>in</strong>to an important European and regional f<strong>in</strong>ancial and bus<strong>in</strong>ess services<br />

hub. The country is also one of Europe’s favourite holiday dest<strong>in</strong>ations, enjoy<strong>in</strong>g<br />

340 days of glorious sunsh<strong>in</strong>e a year and boasts a beautiful coastl<strong>in</strong>e teem<strong>in</strong>g with


DOING BUSINESS C YPRUS<br />

11<br />

SAUDI ARABIA EDITION<br />

stretches of golden sand, secluded bays and rocky coves, all surrounded by some of<br />

the cleanest beaches and waters <strong>in</strong> the Mediterranean Sea. The landscape is dotted<br />

with the fasc<strong>in</strong>at<strong>in</strong>g rema<strong>in</strong>s of history, from Neolithic settlements and ancient cityk<strong>in</strong>gdoms<br />

to exquisite Byzant<strong>in</strong>e art and magnificent Venetian architecture. Add to<br />

this the vibrant and cosmopolitan lifestyle where East meets West, <strong>Cyprus</strong> offers the<br />

perfect balance between bus<strong>in</strong>ess and leisure.<br />

PEOPLE & CULTURE<br />

While the Republic of <strong>Cyprus</strong> is a<br />

Greek-speak<strong>in</strong>g nation, English<br />

is almost universally spoken and is the<br />

language of <strong>in</strong>ternational bus<strong>in</strong>ess.<br />

German, French and Russian speakers<br />

are also easily found, thanks to the high<br />

number of Cypriots with <strong>in</strong>ternational<br />

degrees, the country’s commercial ties<br />

with the global bus<strong>in</strong>ess community,<br />

and the island’s popularity as a tourist<br />

dest<strong>in</strong>ation. <strong>Cyprus</strong> is well known for its<br />

hospitality, a fact reflected <strong>in</strong> the Greek<br />

word, xenos, used for both stranger and<br />

guest. Life is meant to be enjoyed <strong>in</strong><br />

<strong>Cyprus</strong>, which is renowned for its excellent quality of life. Cafe culture predom<strong>in</strong>ates,<br />

with both bus<strong>in</strong>ess and social meet<strong>in</strong>gs tak<strong>in</strong>g place over a leisurely frappe (iced<br />

coffee) <strong>in</strong> the numerous cafes <strong>in</strong> every town and city. As with most Mediterranean<br />

cultures, food also plays a vital role <strong>in</strong> family and social life. The famous <strong>Cyprus</strong> meze<br />

– a large selection of small, delectable dishes – is best enjoyed siga siga (slowly) and<br />

al fresco.<br />

<strong>Cyprus</strong> has a resilient economy that<br />

has time and time aga<strong>in</strong> proven<br />

its capacity to adjust to cont<strong>in</strong>uously<br />

chang<strong>in</strong>g conditions and bounce<br />

back from external shocks. Before its<br />

<strong>in</strong>dependence from the UK <strong>in</strong> 1960, the<br />

<strong>Cyprus</strong> economy was primarily based on<br />

agriculture and the export of m<strong>in</strong>erals.<br />

However, <strong>in</strong> the last few decades the<br />

country has established itself as a serious<br />

<strong>in</strong>ternational bus<strong>in</strong>ess and service centre<br />

for shipp<strong>in</strong>g, f<strong>in</strong>ancial services and<br />

commerce, and is classified by the World<br />

Bank as a high-<strong>in</strong>come country. The<br />

island’s accession to the EU <strong>in</strong> 2004 with<br />

I<br />

Offer<strong>in</strong>g a tax-efficient<br />

EU company domicile, the<br />

country is also emerg<strong>in</strong>g as<br />

a compell<strong>in</strong>g dest<strong>in</strong>ation for<br />

regional headquarters and<br />

a base for tech companies,<br />

as well as an <strong>in</strong>creas<strong>in</strong>gly<br />

attractive location for fund<br />

managers and promoters<br />

RESILIENT EU ECONOMY<br />

the subsequent adoption of the euro <strong>in</strong> 2008, was the catalyst for its transformation <strong>in</strong>to<br />

a competitive f<strong>in</strong>ancial and bus<strong>in</strong>ess services hub. Follow<strong>in</strong>g the country’s f<strong>in</strong>ancial


DOING BUSINESS C YPRUS<br />

12<br />

SAUDI ARABIA EDITION<br />

crisis <strong>in</strong> 2013, <strong>Cyprus</strong> undertook a major<br />

reform agenda and while still fac<strong>in</strong>g<br />

some economic challenges, the small<br />

EU nation has demonstrated resilience<br />

and an ability to bounce back to growth.<br />

The year 2015 signalled a sooner-thanexpected<br />

exit from recession and a rapid<br />

economic turnaround followed, with 2017<br />

record<strong>in</strong>g almost 4% growth – earn<strong>in</strong>g<br />

<strong>Cyprus</strong> praise as an economic success<br />

story. <strong>Cyprus</strong>’ resilience <strong>in</strong> the face of the<br />

pandemic was once aga<strong>in</strong> evident with<br />

GDP growth reach<strong>in</strong>g a strong 5.5% <strong>in</strong><br />

2021, although the European Commission<br />

forecasts a downturn to 3.2% growth <strong>in</strong><br />

2022. Consistent credit rat<strong>in</strong>g upgrades<br />

have further boosted confidence and<br />

foreign direct <strong>in</strong>vestment has been<br />

flow<strong>in</strong>g <strong>in</strong>to all key sectors. <strong>Cyprus</strong> has<br />

reta<strong>in</strong>ed and strengthened its status as an<br />

attractive <strong>in</strong>vestment gateway to the EU<br />

and other high-growth markets, as well<br />

as a secure base to tap <strong>in</strong>to opportunities<br />

<strong>in</strong> the Middle East. Offer<strong>in</strong>g a tax-efficient<br />

EU company domicile, the country is also<br />

emerg<strong>in</strong>g as a compell<strong>in</strong>g dest<strong>in</strong>ation<br />

for regional headquarters and a base for<br />

tech companies, as well as an <strong>in</strong>creas<strong>in</strong>gly<br />

attractive location for fund managers and<br />

promoters.<br />

GROWING INVESTMENT FUND SECTOR<br />

<strong>Cyprus</strong> has big ambitions <strong>in</strong> the<br />

<strong>in</strong>vestment funds sector to establish<br />

itself as a contender <strong>in</strong> the global asset<br />

management <strong>in</strong>dustry. The steady growth<br />

<strong>in</strong> both Assets under Management and <strong>in</strong><br />

the number of fund structures licensed<br />

and active <strong>in</strong> <strong>Cyprus</strong> have underl<strong>in</strong>ed<br />

the strength and appeal of the novice<br />

domicile. Assets under Management<br />

(AuM) have seen a formidable <strong>in</strong>crease<br />

from €2.7 billion <strong>in</strong> 2016 to €11.1 billion <strong>in</strong><br />

the first quarter of 2022, show<strong>in</strong>g that it is<br />

not the sector’s size but its fast growth that<br />

has impressed, and is be<strong>in</strong>g recognised<br />

by the global asset management and<br />

<strong>in</strong>vestor community. Investment funds<br />

CYPRUS FACTS<br />

& FIGURES<br />

EU Member s<strong>in</strong>ce 2004,<br />

Eurozone member s<strong>in</strong>ce 2008<br />

<strong>Cyprus</strong>’ maritime sector accounts<br />

for €1 billion <strong>in</strong> annual revenue and<br />

is around 7% of the island’s GDP<br />

<strong>Cyprus</strong> is an established<br />

<strong>in</strong>ternational bus<strong>in</strong>ess and service<br />

centre for shipp<strong>in</strong>g, f<strong>in</strong>ancial<br />

services and commerce, and is<br />

classified by the World Bank as<br />

a high-<strong>in</strong>come country<br />

Investment funds have already<br />

<strong>in</strong>vested more than €2 billion<br />

<strong>in</strong> several sectors of the Cypriot<br />

economy, such as shipp<strong>in</strong>g,<br />

hospitality, education, healthcare,<br />

and renewable energy


DOING BUSINESS C YPRUS<br />

13<br />

SAUDI ARABIA EDITION<br />

have already <strong>in</strong>vested more than €2 billion <strong>in</strong> several sectors of the Cypriot economy,<br />

such as shipp<strong>in</strong>g, hospitality, education, healthcare, and renewable energy. <strong>Cyprus</strong><br />

offers both EU-regulated Undertak<strong>in</strong>gs of Collective Investment <strong>in</strong> Transferable<br />

Securities (UCITS) and Alternative Investment Funds (AIFs). In July 2018, the country<br />

upgraded its AIF framework and <strong>in</strong>troduced Registered AIFs (RAIFs), which do not<br />

require authorisation by the supervis<strong>in</strong>g <strong>Cyprus</strong> Securities and Exchange Commission<br />

(CySEC) to commence operations provided they are externally managed by an<br />

Alternative Investment Fund Manager (AIFM) based <strong>in</strong> <strong>Cyprus</strong> or another EU country.<br />

The upgraded legislation has been hailed ‘ground-break<strong>in</strong>g’ and offers a significantly<br />

more time- and cost-efficient means of establish<strong>in</strong>g AIFs <strong>in</strong> <strong>Cyprus</strong>. Today, the majority<br />

of alternative <strong>in</strong>vestment funds <strong>in</strong> <strong>Cyprus</strong> are of a small and medium size and focus<br />

on debt and equity securities, real estate and private equity. However, <strong>Cyprus</strong> has also<br />

attracted larger funds <strong>in</strong>clud<strong>in</strong>g one with assets of €500 million under management.<br />

The number of alternative <strong>in</strong>vestment funds has more than doubled <strong>in</strong> the last five<br />

years and foreign UCITS are now widely marketed <strong>in</strong> <strong>Cyprus</strong>, <strong>in</strong>clud<strong>in</strong>g ones promoted<br />

by <strong>in</strong>ternational f<strong>in</strong>ancial <strong>in</strong>stitutions such as JP Morgan, UBS and Julius Baer.<br />

GLOBAL SHIPPING HUB<br />

major success story for <strong>Cyprus</strong> has been the maritime sector, which accounts for<br />

A around €1 billion <strong>in</strong> annual revenue and approximately 7% of the island’s GDP<br />

– and of this figure, shipmanagement alone accounts for 5%. Apart from offer<strong>in</strong>g<br />

shipmanagement and bus<strong>in</strong>ess services to the <strong>in</strong>dustry, the <strong>Cyprus</strong> Registry is<br />

classified as the third largest merchant fleet <strong>in</strong> the European Union and the 11 th largest<br />

<strong>in</strong> the world. The country is also the EU’s largest shipmanagement centre and amongst<br />

the top three <strong>in</strong> the world. The sector has seen growth <strong>in</strong> the past few years and <strong>Cyprus</strong><br />

is currently look<strong>in</strong>g at restructur<strong>in</strong>g the commercial shipp<strong>in</strong>g sector to strengthen its<br />

competitive edge. S<strong>in</strong>ce <strong>in</strong>troduc<strong>in</strong>g an advantageous EU-approved tonnage tax system<br />

<strong>in</strong> 2010, the island has cont<strong>in</strong>ued to attract <strong>in</strong>creas<strong>in</strong>g numbers of shipp<strong>in</strong>g companies<br />

from across the world. The country’s maritime capital, Limassol, is home to some of the<br />

most <strong>in</strong>fluential names <strong>in</strong> shipp<strong>in</strong>g today manag<strong>in</strong>g around 20% of the world’s thirdparty<br />

managed fleet.<br />

I<br />

Apart from offer<strong>in</strong>g shipmanagement and<br />

bus<strong>in</strong>ess services to the <strong>in</strong>dustry, the<br />

<strong>Cyprus</strong> Registry is classified as the third<br />

largest merchant fleet <strong>in</strong> the European<br />

Union and the 11th largest <strong>in</strong> the world.


DOING BUSINESS C YPRUS<br />

14<br />

SAUDI ARABIA EDITION<br />

Apart from the sun and the sea,<br />

<strong>Cyprus</strong> has few natural resources<br />

and has been dependent on oil imports<br />

to satisfy its energy demands. However,<br />

the substantial discovery of natural gas<br />

and potential oil deposits <strong>in</strong> <strong>Cyprus</strong>’<br />

Exclusive Economic Zone (EEZ) <strong>in</strong><br />

the Mediterranean Sea is expected to<br />

change all this. Exploratory drill<strong>in</strong>gs by<br />

global energy giants have confirmed<br />

natural gas reserves that could meet<br />

<strong>Cyprus</strong>’ domestic gas demand for over<br />

EAST MED ENERGY CENTRE<br />

IThe country’s top-tier<br />

universities and research<br />

<strong>in</strong>stitutes are also play<strong>in</strong>g a<br />

pivotal part <strong>in</strong> these efforts<br />

to create a more susta<strong>in</strong>able<br />

energy mix through <strong>in</strong>novation<br />

<strong>in</strong> smart tech and research <strong>in</strong><br />

ways to battle climate change<br />

100 years, and a surplus for export. The<br />

hydrocarbons race <strong>in</strong> <strong>Cyprus</strong>’ waters has attracted <strong>in</strong>ternational energy heavyweights,<br />

such as Total, ENI, Kogas, Royal Dutch Shell, and ExxonMobil to explore the island’s<br />

waters for new discoveries and multiple auxiliary services companies have set up<br />

to support these efforts. With 340 days of sunsh<strong>in</strong>e to harness, solar energy has also<br />

become a bit of a boom segment for <strong>Cyprus</strong> recently. The government is plac<strong>in</strong>g strong<br />

focus on renewable energy and work<strong>in</strong>g towards achiev<strong>in</strong>g a zero-carbon economy.<br />

The country’s top-tier universities and research <strong>in</strong>stitutes are also play<strong>in</strong>g a pivotal role<br />

<strong>in</strong> these efforts to create a more susta<strong>in</strong>able energy mix through <strong>in</strong>novation <strong>in</strong> smart<br />

tech and research <strong>in</strong> ways to battle climate change.<br />

TECH AND INNOVATION TAKING THE LEAD<br />

The technology space <strong>in</strong> <strong>Cyprus</strong> is see<strong>in</strong>g a fresh boost with more state support to the<br />

sector, the launch of new national strategies to <strong>in</strong>tegrate <strong>in</strong>novative tech, and fresh<br />

<strong>in</strong>centives to attract more digital nomads, IT start-ups and regional headquarters. With<br />

its new focus on long-term development outcomes, <strong>Cyprus</strong> is determ<strong>in</strong>ed to diversify<br />

and harness growth with a technology-driven economy. The biggest spender by far on<br />

IT <strong>in</strong> <strong>Cyprus</strong> is the f<strong>in</strong>ancial sector, followed by the telecoms providers and the public<br />

service. Albeit one of the smallest EU member states, research and development is an<br />

area where <strong>Cyprus</strong> punches well above its weight. Unprecedented <strong>in</strong>vestment <strong>in</strong>to the<br />

sector and ground-break<strong>in</strong>g projects are establish<strong>in</strong>g this small island, not only as an<br />

<strong>in</strong>novation and research hub, but as a regional centre of excellence provid<strong>in</strong>g strong<br />

l<strong>in</strong>ks with the global scientific and technical <strong>in</strong>novation community.<br />

POPULAR TOURISM DESTINATION<br />

Tourism has been a key driv<strong>in</strong>g force of the Cypriot economy for decades, and pre-<br />

Covid the country saw consecutive years of record-break<strong>in</strong>g numbers of tourist<br />

arrivals and revenue. Although the pandemic temporarily stifled the thriv<strong>in</strong>g sector,<br />

tourist arrival figures are rebound<strong>in</strong>g and new projects currently underway are<br />

set to strengthen and upgrade <strong>Cyprus</strong>’ tourism product and encourage more yearround<br />

visitors, a strategy <strong>Cyprus</strong> is fully committed to. These projects range from the<br />

construction of new golf courses, luxury mar<strong>in</strong>a developments and the upgrad<strong>in</strong>g of<br />

the island’s wellness and medical tourism product. A new and excit<strong>in</strong>g prospect is the


DOING BUSINESS C YPRUS<br />

15<br />

SAUDI ARABIA EDITION<br />

Kourion<br />

current construction of the Republic’s first-ever luxury cas<strong>in</strong>o resort. The €600 million<br />

<strong>in</strong>tegrated resort, run by a consortium with renowned Hong Kong player Melco, will<br />

exceed five-star status and open a whole new market for niche tourism on the island.<br />

ATTRACTIVE REAL ESTATE<br />

The <strong>Cyprus</strong> real estate sector was show<strong>in</strong>g strong market performance straight<br />

through to 2019, but 2020 marked a turn<strong>in</strong>g po<strong>in</strong>t as the pandemic hit worldwide.<br />

However, by October 2021, sales to the European market <strong>in</strong>creased 68% and 2022<br />

has shown dynamic momentum <strong>in</strong> sales so far. <strong>Cyprus</strong>’ appeal has rema<strong>in</strong>ed strong<br />

amongst <strong>in</strong>ternational <strong>in</strong>vestors, expats and retirees thanks to its Mediterranean<br />

climate, high quality of life and safety, as well as its status as an EU member state<br />

conveniently located between three cont<strong>in</strong>ents. <strong>Cyprus</strong> has one of the highest home<br />

ownership rates <strong>in</strong> Europe and also has a longstand<strong>in</strong>g market for second homes and<br />

holiday villas, mak<strong>in</strong>g the economy heavily reliant on the sector. With new up-market<br />

developments, <strong>in</strong>creased foreign <strong>in</strong>vestment <strong>in</strong> top hotels and major <strong>in</strong>frastructure<br />

projects spr<strong>in</strong>g<strong>in</strong>g up, <strong>Cyprus</strong>’ attractiveness as a property <strong>in</strong>vestment location is set to<br />

grow <strong>in</strong> the com<strong>in</strong>g years.<br />

Limassol Mar<strong>in</strong>a


DOING BUSINESS C YPRUS<br />

16<br />

SAUDI ARABIA EDITION<br />

FDI APPEAL<br />

<strong>Cyprus</strong>’ FDI appeal has been on an upward trajectory thanks to a robust economy.<br />

Real GDP growth averaged 4.6% <strong>in</strong> 2015-19 and <strong>in</strong> 2021 the economy showed<br />

strong performance with 5.5% growth, rega<strong>in</strong><strong>in</strong>g lost ground from the height of the<br />

Covid-19 pandemic. For the last several years, <strong>Cyprus</strong> has been a hive of activity with<br />

several notable projects already implemented or <strong>in</strong> the pipel<strong>in</strong>e, strengthen<strong>in</strong>g the<br />

country’s image and appeal. Foreign <strong>in</strong>vestment flows have been significant. In the<br />

ten-year period 2011-2020, cumulative net FDI reached €22.2 billion. This <strong>in</strong>vestment<br />

was driven by equity, with the shipp<strong>in</strong>g/shipp<strong>in</strong>g f<strong>in</strong>ance and real estate sectors<br />

play<strong>in</strong>g a significant role, while <strong>in</strong>vestment <strong>in</strong> communications is now also beg<strong>in</strong>n<strong>in</strong>g<br />

to ga<strong>in</strong> importance. Ongo<strong>in</strong>g improvements <strong>in</strong> the macroeconomic and f<strong>in</strong>ancial<br />

environment have also revived <strong>in</strong>ternational <strong>in</strong>terest <strong>in</strong> around 30 major development<br />

projects on the island. Investment opportunities <strong>in</strong> <strong>Cyprus</strong>’ large-scale projects span<br />

various sectors, <strong>in</strong>clud<strong>in</strong>g high-value tourism and hous<strong>in</strong>g developments, projects with<br />

a special focus on golf courses and luxury mar<strong>in</strong>as, as well as education, energy, and<br />

more recently the <strong>in</strong>ternational film sector. The growth performance of <strong>Cyprus</strong> over<br />

the last five years has been exceptional and even exceeded <strong>in</strong>ternational expectations,<br />

while successive credit rat<strong>in</strong>g upgrades and new <strong>in</strong>centives have attracted billions <strong>in</strong><br />

foreign <strong>in</strong>vestment s<strong>in</strong>ce 2015, with significant <strong>in</strong>flows from the US, Asia, Russia and the<br />

Middle East. <strong>Cyprus</strong>’ liberalised Foreign Direct Investment Policy, both for EU citizens<br />

and <strong>in</strong>vestors from third countries, along with its favourable tax regime makes it one of<br />

the most attractive centres for FDI <strong>in</strong> Europe.<br />

Parklane Limassol<br />

A DIVERSIFIED FUTURE<br />

Offer<strong>in</strong>g a professional yet relaxed atmosphere that makes do<strong>in</strong>g bus<strong>in</strong>ess<br />

pleasurable as well as profitable, <strong>Cyprus</strong>’ Mediterranean lifestyle coexists happily<br />

with a cutt<strong>in</strong>g-edge <strong>in</strong>ternational bus<strong>in</strong>ess hub, allow<strong>in</strong>g <strong>in</strong>vestors to enjoy the best of<br />

both worlds: a safe and comfortable environment for family life and a sophisticated<br />

<strong>in</strong>frastructure from which to grow and develop bus<strong>in</strong>ess. <strong>Cyprus</strong> comb<strong>in</strong>es numerous<br />

advantages as a bus<strong>in</strong>ess base with its EU-approved tax regime, competitive 12.5%<br />

corporate tax rate and tax breaks for high earners, its pro-bus<strong>in</strong>ess government<br />

and highly skilled workforce – as well as promis<strong>in</strong>g growth and development across<br />

numerous economic sectors. With <strong>Cyprus</strong>’ prospects on the rise, the country has all the<br />

right elements firmly <strong>in</strong> place to strengthen its reputation as an <strong>in</strong>ternational centre of<br />

bus<strong>in</strong>ess excellence <strong>in</strong> one of Europe’s most <strong>in</strong>terest<strong>in</strong>g <strong>in</strong>vestment locations. n


THERE IS A PLACE WHERE…<br />

you have a local partner<br />

on the ground.<br />

As the national <strong>in</strong>vestment authority, Invest<br />

<strong>Cyprus</strong> acts as a s<strong>in</strong>gle po<strong>in</strong>t of contact and one<br />

stop shop for exist<strong>in</strong>g and potential <strong>in</strong>vestors.<br />

Our dedicated team provides after care and<br />

facilitation services, <strong>in</strong>clud<strong>in</strong>g support<strong>in</strong>g you <strong>in</strong><br />

site selection, sett<strong>in</strong>g up offices, staff immigration<br />

and relocation procedures while cont<strong>in</strong>u<strong>in</strong>g to<br />

grow its extensive portfolio of available<br />

projects and <strong>in</strong>vestment opportunities.<br />

www.<strong>in</strong>vestcyprus.org.cy


DOING BUSINESS C YPRUS<br />

18<br />

SAUDI ARABIA EDITION<br />

INSIGHT<br />

M<strong>in</strong>ister of Energy, Commerce and Industry<br />

Natasa Pilides


DOING BUSINESS C YPRUS<br />

19<br />

SAUDI ARABIA EDITION<br />

<strong>Cyprus</strong> and <strong>Saudi</strong> Arabia are currently deepen<strong>in</strong>g their<br />

bilateral ties <strong>in</strong> terms of trade and <strong>in</strong>vestment. Which<br />

sectors of the <strong>Cyprus</strong> economy could provide the most<br />

<strong>in</strong>vestment potential for <strong>Saudi</strong> Arabia at the moment?<br />

How can <strong>Cyprus</strong> facilitate more bus<strong>in</strong>ess and make<br />

itself even more attractive to <strong>Saudi</strong> <strong>in</strong>vestors?<br />

The bilateral ties between <strong>Cyprus</strong> and <strong>Saudi</strong> Arabia have certa<strong>in</strong>ly come a long way<br />

<strong>in</strong> recent years. In fact, the two countries are constantly grow<strong>in</strong>g closer, especially<br />

follow<strong>in</strong>g the creation of the <strong>Cyprus</strong>-<strong>Saudi</strong> <strong>Bus<strong>in</strong>ess</strong> Association and, more recently,<br />

with the visit to the K<strong>in</strong>gdom of <strong>Saudi</strong> Arabia, <strong>in</strong> March 2022, of the President of the<br />

Republic of <strong>Cyprus</strong>, Nicos Anastasiades, for official talks with His Royal Highness Pr<strong>in</strong>ce<br />

Mohammed b<strong>in</strong> Salman b<strong>in</strong> Abdulaziz Al Saud, Crown Pr<strong>in</strong>ce, Deputy Prime M<strong>in</strong>ister<br />

and M<strong>in</strong>ister of Defence.<br />

The whole spectrum of bilateral relations, as well as ways to develop them further,<br />

were reviewed dur<strong>in</strong>g the visit, along with the mutual strategic pursuit of creat<strong>in</strong>g a<br />

fertile and motivat<strong>in</strong>g environment for bilateral <strong>in</strong>vestment, <strong>in</strong> several sectors. This<br />

could be achieved through launch<strong>in</strong>g several jo<strong>in</strong>t <strong>in</strong>itiatives, <strong>in</strong>clud<strong>in</strong>g <strong>in</strong> the fields of<br />

civil aviation, energy, maritime and air transport, ports, food, medic<strong>in</strong>e, digitalisation,<br />

cyber security and f<strong>in</strong>ancial services.<br />

Significant potential exists for both countries to enjoy sizable benefits from such<br />

bilateral collaborations. In this regard, the Republic of <strong>Cyprus</strong> and the K<strong>in</strong>gdom of<br />

<strong>Saudi</strong> Arabia are work<strong>in</strong>g together towards promot<strong>in</strong>g a series of bilateral trade and<br />

<strong>in</strong>vestment agreements.<br />

<strong>Cyprus</strong> welcomes the K<strong>in</strong>gdom’s launch of the <strong>Saudi</strong> Green and the Middle East<br />

Green Initiatives. Opportunities for cooperation <strong>in</strong> implement<strong>in</strong>g <strong>Saudi</strong> Vision<br />

2030 and <strong>Cyprus</strong> Vision 2035, are <strong>in</strong> fact immense, as jo<strong>in</strong>t projects are possible <strong>in</strong> a<br />

number of energy related fields, such as petrochemicals, energy efficiency, electricity<br />

production, renewable energy, clean technologies for hydrocarbons, and low-carbon<br />

fuels, <strong>in</strong>clud<strong>in</strong>g hydrogen.<br />

Be<strong>in</strong>g a robust tourist dest<strong>in</strong>ation,<br />

<strong>Cyprus</strong> has attracted the <strong>in</strong>terest of<br />

lead<strong>in</strong>g <strong>in</strong>vestment groups to expand their<br />

<strong>in</strong>ternational presence <strong>in</strong> the country. The<br />

National Tourism Strategy 2030 provides<br />

for several <strong>in</strong>vestment opportunities,<br />

<strong>in</strong>clud<strong>in</strong>g development <strong>in</strong> mounta<strong>in</strong> and<br />

remote regions, and <strong>in</strong>volves diversify<strong>in</strong>g<br />

the country’s offer<strong>in</strong>g <strong>in</strong> order to promote<br />

susta<strong>in</strong>able tourism.<br />

Moreover, the comb<strong>in</strong>ation of a robust<br />

private health sector and <strong>in</strong>ternationally<br />

acclaimed medical research and health<br />

professionals, as well as the roll-out of a<br />

ISignificant potential exists for<br />

both countries to enjoy sizable<br />

benefits from such bilateral<br />

collaborations. In this regard,<br />

the Republic of <strong>Cyprus</strong> and<br />

the K<strong>in</strong>gdom of <strong>Saudi</strong> Arabia<br />

are work<strong>in</strong>g together towards<br />

promot<strong>in</strong>g a series of bilateral<br />

trade and <strong>in</strong>vestment agreements.


DOING BUSINESS C YPRUS<br />

20<br />

SAUDI ARABIA EDITION<br />

new national health system, open up <strong>in</strong>vestment opportunities <strong>in</strong> the field of healthcare<br />

and medical tourism.<br />

<strong>Cyprus</strong>, as one of the first EU countries to transpose the Alternative Investment<br />

Fund Managers Directive <strong>in</strong>to national legislation and hav<strong>in</strong>g ratified the national<br />

Alternative Investment Funds Law, is an ideal jurisdiction for <strong>in</strong>vestment funds and<br />

asset management companies, offer<strong>in</strong>g direct access to key markets <strong>in</strong> a very efficient<br />

manner.<br />

I<br />

At the crossroads of Europe, North<br />

At the crossroads of Europe,<br />

Africa and Asia and be<strong>in</strong>g the closest EU<br />

country to <strong>Saudi</strong> Arabia, <strong>Cyprus</strong> can serve North Africa and Asia and<br />

as an ideal location for <strong>Saudi</strong> bus<strong>in</strong>esses<br />

be<strong>in</strong>g the closest EU country<br />

to establish their European and<br />

<strong>in</strong>ternational headquarters. In addition to <strong>Saudi</strong> Arabia, <strong>Cyprus</strong> can<br />

to ease of access to the EU market and<br />

serve as an ideal location<br />

beyond, these bus<strong>in</strong>esses can also<br />

benefit from <strong>Cyprus</strong>’ modern, simple and for <strong>Saudi</strong> bus<strong>in</strong>esses to<br />

transparent tax and legal systems and the<br />

establish their European and<br />

high quality of professional and f<strong>in</strong>ancial<br />

services offered, conducive to do<strong>in</strong>g <strong>in</strong>ternational headquarters.<br />

bus<strong>in</strong>ess and <strong>in</strong>creas<strong>in</strong>g <strong>in</strong>ternational<br />

competitiveness.<br />

True to its bus<strong>in</strong>ess-orientated culture and constantly seek<strong>in</strong>g to facilitate the ease<br />

of do<strong>in</strong>g bus<strong>in</strong>ess on the island, the Republic of <strong>Cyprus</strong> has also launched, <strong>in</strong> 2022, the<br />

<strong>Bus<strong>in</strong>ess</strong> Facilitation Unit, through which bus<strong>in</strong>ess set-up, licens<strong>in</strong>g and permitt<strong>in</strong>g<br />

is fast-tracked. In addition, <strong>Cyprus</strong> has <strong>in</strong>troduced new residence and employment<br />

policies for highly skilled third country nationals. n


DOING BUSINESS C YPRUS<br />

22<br />

SAUDI ARABIA EDITION<br />

FOREIGN DIRECT INVESTMENT<br />

Investment Gateway<br />

<strong>Cyprus</strong> has attracted formidable foreign<br />

<strong>in</strong>vestment from around the world with billions<br />

flow<strong>in</strong>g <strong>in</strong>to new projects <strong>in</strong> multiple sectors,<br />

prov<strong>in</strong>g the island nation cont<strong>in</strong>ues to have a<br />

strong pull factor with global <strong>in</strong>vestors.<br />

<strong>Cyprus</strong> has been a hive of activity <strong>in</strong> recent years, with several notable projects<br />

already implemented or <strong>in</strong> the pipel<strong>in</strong>e, strengthen<strong>in</strong>g the country’s image and<br />

foreign direct <strong>in</strong>vestment (FDI) appeal. Large-scale real estate projects, luxury mar<strong>in</strong>as<br />

and tourism <strong>in</strong>frastructure, coupled with develop<strong>in</strong>g opportunities <strong>in</strong> the energy, asset<br />

management and shipp<strong>in</strong>g sectors have all re<strong>in</strong>forced <strong>Cyprus</strong>’ status as an <strong>in</strong>terest<strong>in</strong>g<br />

<strong>in</strong>vestment dest<strong>in</strong>ation.<br />

An added benefit of <strong>Cyprus</strong> is its geostrategic location and secure and stable EU<br />

environment <strong>in</strong> an often-turbulent region. These factors coupled with the <strong>in</strong>troduction<br />

of new <strong>in</strong>centives are encourag<strong>in</strong>g <strong>in</strong>creas<strong>in</strong>g numbers of companies from across<br />

the world to set up headquarters on the island, solidify<strong>in</strong>g its position as an attractive<br />

gateway to both established and develop<strong>in</strong>g markets. More recently, <strong>Cyprus</strong> has also<br />

started to ga<strong>in</strong> serious traction <strong>in</strong> attract<strong>in</strong>g more <strong>in</strong>novative high-tech organisations<br />

to set up on its shores – rebrand<strong>in</strong>g itself as an emerg<strong>in</strong>g tech hub.


DOING BUSINESS C YPRUS<br />

23<br />

SAUDI ARABIA EDITION<br />

EXCEEDING EXPECTATIONS<br />

Successive credit rat<strong>in</strong>g upgrades over the years and the cont<strong>in</strong>uous <strong>in</strong>troduction<br />

of new <strong>in</strong>centives have attracted billions <strong>in</strong> foreign <strong>in</strong>vestment to <strong>Cyprus</strong>, with<br />

substantial <strong>in</strong>flows from the US, Asia, the Middle East and Eastern Europe. The sectors<br />

that have seen the most significant FDI so far are: f<strong>in</strong>ance, most notably <strong>in</strong> shipp<strong>in</strong>g;<br />

real estate <strong>in</strong> new luxury developments and <strong>in</strong>frastructure projects; <strong>in</strong>formation and<br />

communication; retail trade; and professional services, <strong>in</strong> particular head-office<br />

activities.<br />

Although hav<strong>in</strong>g faced some serious<br />

economic shocks over the last ten years,<br />

the resilience and growth performance<br />

of <strong>Cyprus</strong> has been exceptional and even<br />

exceeded <strong>in</strong>ternational expectations.<br />

Real GDP growth averaged 5.3% <strong>in</strong> 2015-<br />

19, and while 2020 marked a critical<br />

downturn due to the Covid-19 pandemic, 2021 saw a strong rebound with growth<br />

bounc<strong>in</strong>g back to 5.5%. Foreign <strong>in</strong>vestment flows have been significant. In the tenyear<br />

period 2012-2021, net <strong>in</strong>flows reached almost €18 billion. This <strong>in</strong>vestment was<br />

driven by equity, with the shipp<strong>in</strong>g/shipp<strong>in</strong>g f<strong>in</strong>ance and real estate sectors play<strong>in</strong>g<br />

an important role.<br />

GROWING TECH INVESTMENT<br />

The technology and communications sector <strong>in</strong> <strong>Cyprus</strong> has become fiercely<br />

competitive, with a number of players deploy<strong>in</strong>g cutt<strong>in</strong>g edge solutions to both<br />

<strong>in</strong>crease their local market share and generate growth through the launch of new<br />

technology and products. 5G was rolled out <strong>in</strong> 2021, mak<strong>in</strong>g <strong>Cyprus</strong> the first EU state to<br />

achieve 100% 5G coverage.<br />

<strong>Cyprus</strong> is already home to a number<br />

of major tech firms, such as NCR,<br />

Amdocs, Wargam<strong>in</strong>g, 3CX, Exness,<br />

Bolt, Thomson Reuters, Melsoft Games,<br />

and Nexters, and has ga<strong>in</strong>ed ground<br />

<strong>in</strong> successfully attract<strong>in</strong>g <strong>in</strong>vestment<br />

capital <strong>in</strong> blockcha<strong>in</strong>. The country’s startup<br />

community has also grown stronger<br />

with more than 200 enterprises and<br />

4,000 entrepreneurs, foster<strong>in</strong>g more<br />

opportunities for bus<strong>in</strong>ess angels and<br />

venture capitalists look<strong>in</strong>g to <strong>in</strong>vest<br />

risk capital <strong>in</strong> exchange for equity <strong>in</strong><br />

promis<strong>in</strong>g bus<strong>in</strong>ess ideas. In addition, a<br />

key attraction for high-tech companies<br />

is the <strong>Cyprus</strong> Intellectual IP Box Regime,<br />

I5G was rolled out <strong>in</strong> 2021, mak<strong>in</strong>g<br />

<strong>Cyprus</strong> the first EU state to achieve<br />

100% coverage<br />

IIn the ten-year period 2012-2021,<br />

net <strong>in</strong>flows reached almost<br />

€18 billion<br />

which provides a competitive maximum<br />

tax rate of 2.5% on <strong>in</strong>come earned from<br />

IP assets. <strong>Cyprus</strong>’ regime also applies to<br />

a wider range of <strong>in</strong>come compared to


DOING BUSINESS C YPRUS<br />

24<br />

SAUDI ARABIA EDITION<br />

other European schemes, most of which restrict benefits to <strong>in</strong>come from patents and<br />

supplementary patent certificates.<br />

2022 saw more global names <strong>in</strong>vest <strong>in</strong> <strong>Cyprus</strong>, with European digital neobank<strong>in</strong>g<br />

platform Revolut, valued at US$33 billion, becom<strong>in</strong>g the first entity to receive approval<br />

as a crypto-asset service provider from the <strong>Cyprus</strong> regulator. The authorisation<br />

will enable Revolut to offer crypto services to its 17 million customers <strong>in</strong> the EEA<br />

out of a new crypto-asset hub <strong>in</strong> <strong>Cyprus</strong>. Revolut said its choice was down to the<br />

sophisticated regulatory regime of the country, which has already attracted the likes<br />

of Crypto.com, eToro and BitPanda. A lead<strong>in</strong>g US consumer services and applications<br />

software provider, TangoMe, also announced plans to launch offices <strong>in</strong> <strong>Cyprus</strong>. The<br />

<strong>in</strong>ternationally renowned tech company, with an annual revenue of around US$350<br />

million, will establish a strong presence <strong>in</strong> Limassol with a sizeable number of<br />

employees relocat<strong>in</strong>g to <strong>Cyprus</strong>.<br />

Another project set to bolster <strong>Cyprus</strong>’ efforts to become a regional telecoms and data<br />

hub and attract more <strong>in</strong>vestment, was <strong>Cyprus</strong>’ lead<strong>in</strong>g telecoms provider Cyta sign<strong>in</strong>g<br />

a €850 million venture with Greece and <strong>Saudi</strong> Arabia for the construction of the East<br />

Med Corridor (EMC) for a global digital highway l<strong>in</strong>k<strong>in</strong>g Europe with Asia. In addition,<br />

the modernisation of state <strong>in</strong>frastructure and speed<strong>in</strong>g up the adoption of cloud<br />

services <strong>in</strong> <strong>Cyprus</strong> were key targets of the sign<strong>in</strong>g of a Memorandum of Understand<strong>in</strong>g<br />

with Amazon Web Services (AWS) <strong>in</strong> 2022, a collaboration that will open up a new era<br />

of opportunities.<br />

INVESTING IN EDUCATION<br />

<strong>Cyprus</strong> is develop<strong>in</strong>g <strong>in</strong>to a regional<br />

education and knowledge hub with<br />

the rapid expansion of tertiary education<br />

and its universities steadily climb<strong>in</strong>g up<br />

global rank<strong>in</strong>gs. The country has already<br />

established synergies with <strong>in</strong>ternational<br />

universities, most notably the University<br />

of Nicosia launch<strong>in</strong>g the island’s first degree<br />

programme <strong>in</strong> medic<strong>in</strong>e <strong>in</strong> collaboration<br />

with St George’s Medical School at<br />

the University of London, and University<br />

of Central Lancashire – <strong>Cyprus</strong> (UCLan),<br />

IThe number of foreign<br />

students choos<strong>in</strong>g <strong>Cyprus</strong><br />

for their studies has almost<br />

tripled <strong>in</strong> the last five years,<br />

represent<strong>in</strong>g over 60 different<br />

countries and support<strong>in</strong>g the<br />

growth of <strong>Cyprus</strong> <strong>in</strong>to a true<br />

global educational centre


DOING BUSINESS C YPRUS<br />

25<br />

SAUDI ARABIA EDITION<br />

18th<br />

á 50 PLACES<br />

<strong>Cyprus</strong> ranked <strong>in</strong> 18th place <strong>in</strong> the<br />

2021 Greenfield FDI Performance<br />

Index, climb<strong>in</strong>g 50 places<br />

compared to the year before<br />

á150%<br />

Greenfield <strong>in</strong>vestments <strong>in</strong> <strong>Cyprus</strong><br />

rose by 150% <strong>in</strong> the first half of 2022<br />

from the same period of 2019<br />

Top 10<br />

<strong>Cyprus</strong> is <strong>in</strong> the top10<br />

rank<strong>in</strong>g of countries that<br />

stand out for the post-pandemic<br />

<strong>in</strong>vestment recovery<br />

á600%<br />

<strong>in</strong>crease <strong>in</strong> software and<br />

IT <strong>in</strong>vestments <strong>in</strong> <strong>Cyprus</strong><br />

between 2019 and 2022<br />

Source: FDI Intelligence<br />

Source: FDI Intelligence<br />

CUMULATIVE FDI LIABILITIES (INVESTMENTS) BY SECTOR 2016-2020<br />

Sector<br />

€/Billion<br />

F<strong>in</strong>ance & Insurance 41.7<br />

Real Estate 4.8<br />

Information & Communication 1.4<br />

Professional Scientific & Technical 1.3<br />

Total (<strong>in</strong>clud<strong>in</strong>g others) 52.7<br />

be<strong>in</strong>g the first British university to establish a campus on the island. This has s<strong>in</strong>ce<br />

been followed by the announcement of the American University of Beirut (AUB) to establish<br />

a €29 million campus <strong>in</strong> Paphos <strong>in</strong> 2023 – branded the American University of<br />

Beirut-Mediterraneo. The aim is to accommodate over 2,000 students <strong>in</strong> the com<strong>in</strong>g<br />

years.<br />

<strong>Cyprus</strong> hosts an impressive and<br />

fast-grow<strong>in</strong>g R&I ecosystem, featur<strong>in</strong>g<br />

high quality academic and research <strong>in</strong>stitutions<br />

and six Centres of Excellence (CoE).<br />

The <strong>Cyprus</strong> Institute has established itself<br />

as a significant research <strong>in</strong>stitute with<br />

global networks of excellence supported<br />

by significant EU fund<strong>in</strong>g. The number<br />

I<strong>Cyprus</strong> hosts an impressive and<br />

fast-grow<strong>in</strong>g R&I ecosystem,<br />

featur<strong>in</strong>g high quality academic<br />

and research <strong>in</strong>stitutions and<br />

six Centres of Excellence (CoE)<br />

of foreign students choos<strong>in</strong>g <strong>Cyprus</strong> for their studies has almost tripled <strong>in</strong> the last five<br />

years, represent<strong>in</strong>g over 60 different countries and support<strong>in</strong>g the growth of <strong>Cyprus</strong><br />

<strong>in</strong>to a true global educational centre. This fact underl<strong>in</strong>es the great opportunities that<br />

exist <strong>in</strong> <strong>Cyprus</strong> for the establishment of new universities, colleges and <strong>in</strong>stitutes.


DOING BUSINESS C YPRUS<br />

26<br />

SAUDI ARABIA EDITION<br />

PORTS AND SHIPPING<br />

The 2017 commercialisation of the country’s largest port <strong>in</strong> Limassol marked a new<br />

era for <strong>Cyprus</strong> as a commercial hub. The port privatisation came <strong>in</strong> the context of<br />

the first discovery of natural gas <strong>in</strong> 2011, the launch of the €300 million VTTV oil trad<strong>in</strong>g<br />

term<strong>in</strong>al <strong>in</strong> 2014, and a dedicated Shipp<strong>in</strong>g Deputy M<strong>in</strong>ister <strong>in</strong> 2018. The privatisation<br />

deal with Eurogate International GmbH and lead<strong>in</strong>g Emirati logistics giant DP World<br />

Limited is expected to boost state coffers with €2 billion over the next 25 years, while<br />

the new port operators have <strong>in</strong>jected millions <strong>in</strong> upgrad<strong>in</strong>g services and <strong>in</strong>frastructure.<br />

The more recent contract for the Larnaca<br />

port and mar<strong>in</strong>a was signed with<br />

a Cypriot-Israeli consortium, Eldeman<br />

Hold<strong>in</strong>g BV and Alexandrou Corporate<br />

Services Ltd, <strong>in</strong> late 2020 and is expected<br />

to attract around €1.2 billion <strong>in</strong> construction<br />

and real estate development – mak<strong>in</strong>g<br />

it one of the biggest <strong>in</strong>frastructure <strong>in</strong>vestments<br />

to date <strong>in</strong> <strong>Cyprus</strong>.<br />

One of <strong>Cyprus</strong>’ most successful export<br />

services has been the maritime <strong>in</strong>dustry.<br />

The growth of <strong>Cyprus</strong>’ resident shipp<strong>in</strong>g<br />

sector over the past 50 years has developed<br />

IThere has been a fivefold<br />

<strong>in</strong>crease <strong>in</strong> the number of<br />

shipp<strong>in</strong>g companies that have<br />

registered with <strong>Cyprus</strong>’<br />

specialised shipp<strong>in</strong>g<br />

taxation system<br />

boost<strong>in</strong>g the sector’s<br />

revenue by around 25%<br />

a strong maritime cluster that caters to the<br />

needs of <strong>Cyprus</strong>-based companies, <strong>in</strong>clud<strong>in</strong>g bank<strong>in</strong>g, professional services, <strong>in</strong>surance<br />

and IT. The cluster is consistently attract<strong>in</strong>g more quality tonnage and shipp<strong>in</strong>g-related<br />

companies to its shores. Between 2010 – when the <strong>Cyprus</strong> tonnage tax system was<br />

approved by the European Commission – and 2021, there has been a fivefold <strong>in</strong>crease<br />

<strong>in</strong> the number of shipp<strong>in</strong>g companies that have registered with <strong>Cyprus</strong>’ specialised<br />

shipp<strong>in</strong>g taxation system, boost<strong>in</strong>g the sector’s revenue by around 25%.


DOING BUSINESS C YPRUS<br />

27<br />

SAUDI ARABIA EDITION<br />

Some examples <strong>in</strong>clude the decision <strong>in</strong> 2018 by lead<strong>in</strong>g London ship <strong>in</strong>surer P&I Club<br />

to open a post-Brexit EU subsidiary <strong>in</strong> <strong>Cyprus</strong>, reaffirm<strong>in</strong>g the island’s position as one<br />

of the top global hubs for shipp<strong>in</strong>g. Another triumph came <strong>in</strong> early 2019, when British<br />

shipp<strong>in</strong>g firm P&O Ferries decided to register its English Channel operat<strong>in</strong>g fleet<br />

under the <strong>Cyprus</strong> flag to take advantage of the benefits and security it provides. Two<br />

of the <strong>in</strong>dustry’s most highly respected privately-owned shipmanagement companies,<br />

Columbia Shipmanagement and Marlow Navigation – both based <strong>in</strong> <strong>Cyprus</strong> – merged<br />

<strong>in</strong> 2017 to form Columbia Marlow, creat<strong>in</strong>g one of the world’s largest ship and crewmanagement<br />

companies. Another transaction constitut<strong>in</strong>g FDI was the 2018 buyout<br />

of Limassol-based Songa Offshore SE by Transocean Ltd, the world’s largest offshore<br />

drill<strong>in</strong>g contractor for oil and gas wells, <strong>in</strong> a deal worth US$3.4 billion. In addition,<br />

natural gas f<strong>in</strong>ds with<strong>in</strong> <strong>Cyprus</strong>’ Exclusive Economic Zone (EEZ) and efforts to exploit<br />

it <strong>in</strong> cooperation with neighbour<strong>in</strong>g countries have expanded opportunities for the<br />

island’s already thriv<strong>in</strong>g shipp<strong>in</strong>g sector.<br />

DEVELOPING AN ENERGY HUB<br />

<strong>Cyprus</strong>’ hydrocarbons discoveries captured the attention of global energy<br />

heavyweights when US company Noble Energy, now acquired by US giant Chevron,<br />

made the first natural gas discovery <strong>in</strong> 2011 with estimated resources of 4.5 trillion cubic<br />

feet (tcf) <strong>in</strong> the Aphrodite field. ENI, Kogas, ExxonMobil, Royal Dutch Shell, and Total<br />

have all secured exploration licences and conducted exploratory drill<strong>in</strong>g. ExxonMobil<br />

announced the discovery of an estimated 5 to 8 tcf <strong>in</strong> Block 10 <strong>in</strong> early 2019, while ENI<br />

confirmed a discovery <strong>in</strong> Block 6 – which it operates with Total – of around 2.5 tcf <strong>in</strong><br />

August 2022. Further discoveries could be announced with<strong>in</strong> the next year.<br />

In 2019 <strong>Cyprus</strong> agreed to build a subsea pipel<strong>in</strong>e connect<strong>in</strong>g Aphrodite to Egypt’s<br />

liquefaction plants and concluded a production-shar<strong>in</strong>g deal with Noble Energy (now<br />

Chevron) and its partners over the Aphrodite gas reservoir. The development of<br />

ENI, Kogas, ExxonMobil,<br />

Royal Dutch Shell,<br />

and Total have all<br />

secured exploration<br />

licences and conducted<br />

exploratory drill<strong>in</strong>g


DOING BUSINESS C YPRUS<br />

28<br />

SAUDI ARABIA EDITION<br />

Aphrodite is now expected <strong>in</strong> 2026. S<strong>in</strong>ce the start of the pandemic, activity and works<br />

worth US$200 million have been completed <strong>in</strong> <strong>Cyprus</strong>’ EEZ by oil and gas companies,<br />

underl<strong>in</strong><strong>in</strong>g their cont<strong>in</strong>ued commitment to <strong>Cyprus</strong>.<br />

In addition to offshore discoveries <strong>in</strong> the last decade, a range of other new energy<br />

opportunities have come to the fore. In December 2019, <strong>Cyprus</strong> signed a landmark<br />

deal with a Ch<strong>in</strong>ese-led consortium to build a €290 million LNG import term<strong>in</strong>al at<br />

Vassilikos. The consortium construct<strong>in</strong>g the project <strong>in</strong>cludes Ch<strong>in</strong>a Petroleum Pipel<strong>in</strong>e<br />

Eng<strong>in</strong>eer<strong>in</strong>g CO LTD, Metron SA, Hudong-Zhonghua Shipbuild<strong>in</strong>g and Wilhelmsen<br />

Ship Management. The term<strong>in</strong>al will <strong>in</strong>clude a float<strong>in</strong>g storage and regasification unit<br />

(FSRU), a jetty for moor<strong>in</strong>g the FSRU and related <strong>in</strong>frastructure at Vassilikos. The FSRU,<br />

expected to be completed <strong>in</strong> 2023, attracted €150 million <strong>in</strong> f<strong>in</strong>ance from the European<br />

Investment Bank (EIB), €80 million from the European Bank for Reconstruction and<br />

Development (EBRD), €101 million from the EU’s Connect<strong>in</strong>g Europe Facility as well as<br />

an equity contribution of €43 million from the Electricity Authority of <strong>Cyprus</strong> (EAC).<br />

Parallel to this, <strong>Cyprus</strong> has been ramp<strong>in</strong>g up its renewables capacity, with support<br />

from the EU’s €1.2 billion Recovery and Resilience Facility (RFF). The renewable energy<br />

sector could be one of the most attractive areas for <strong>in</strong>vestment and jo<strong>in</strong>t ventures<br />

with other countries. For example, Israel has been <strong>in</strong>terested <strong>in</strong> cooperat<strong>in</strong>g with its<br />

Cypriot counterparts <strong>in</strong> establish<strong>in</strong>g pilot projects where new Israeli tech could be<br />

tested <strong>in</strong> <strong>Cyprus</strong>. Also, the UAE and <strong>Saudi</strong> Arabia have been pioneers <strong>in</strong> clean energy,<br />

especially <strong>in</strong> the field of hydrogen, and are keen to export its RES know-how and create<br />

synergies. For example, <strong>Saudi</strong> Arabia – dubbed to become one of the biggest producers<br />

of clean energy – could support the EU’s<br />

hydrogen strategy through <strong>Cyprus</strong> as<br />

I<strong>Cyprus</strong> has been ramp<strong>in</strong>g<br />

up its renewables capacity,<br />

with support from the EU’s<br />

€1.2 billion Recovery and<br />

Resilience Facility (RFF)<br />

an <strong>in</strong>terconnector to <strong>Saudi</strong>’s biggest<br />

hydrogen production plant currently<br />

under construction. The long-awaited full<br />

liberalisation of the electricity production<br />

market <strong>in</strong> <strong>Cyprus</strong> has seen many delays,<br />

but once this materialises it would


DOING BUSINESS C YPRUS<br />

29<br />

SAUDI ARABIA EDITION<br />

allow a fresh <strong>in</strong>flow of new private players operat<strong>in</strong>g <strong>in</strong> both renewables and gas to<br />

compete <strong>in</strong> the local market – and <strong>in</strong> a broader regional market thanks to the EuroAsia<br />

Interconnector project to connect <strong>Cyprus</strong>, Israel and Greece via submar<strong>in</strong>e electricity<br />

cable and the related EuroAfrica Interconnector to connect Egypt.<br />

STABLE BANKING SECTOR AND GROWING INVESTMENT FUNDS<br />

Today, <strong>Cyprus</strong> banks ma<strong>in</strong>ta<strong>in</strong> high levels of capital adequacy and liquidity but<br />

cont<strong>in</strong>ue to grapple with manag<strong>in</strong>g their non-perform<strong>in</strong>g loan (NPL) portfolios.<br />

The restructur<strong>in</strong>g of the bank<strong>in</strong>g sector after 2013 attracted important <strong>in</strong>ternational<br />

<strong>in</strong>stitutional <strong>in</strong>vestors and fresh foreign capital and encouraged accelerated sales of<br />

NPLs. These developments substantially<br />

reduced risk and enabled the f<strong>in</strong>ancial<br />

system to operate on a healthier basis.<br />

The island also hosts a thriv<strong>in</strong>g forex<br />

<strong>in</strong>dustry with many global giants bas<strong>in</strong>g<br />

their operational headquarters <strong>in</strong> <strong>Cyprus</strong>.<br />

In addition, the <strong>in</strong>vestment funds sector<br />

has grown exponentially <strong>in</strong> the last few<br />

years with Assets under Management<br />

(AuM) see<strong>in</strong>g a stagger<strong>in</strong>g <strong>in</strong>crease from<br />

€2.7 billion <strong>in</strong> 2016 to €11.1 billion <strong>in</strong> the<br />

first quarter of 2022, prov<strong>in</strong>g <strong>Cyprus</strong><br />

is be<strong>in</strong>g recognised by the global asset<br />

management community. Investment<br />

funds have already <strong>in</strong>vested more than<br />

€2 billion <strong>in</strong> several sectors of the Cypriot<br />

economy, such as shipp<strong>in</strong>g, hospitality,<br />

education, healthcare, and renewable<br />

energy.<br />

IThe <strong>in</strong>vestment funds sector<br />

LUXURY TOURISM AND HIGH-END REAL ESTATE<br />

has grown exponentially <strong>in</strong><br />

the last few years with Assets<br />

under Management (AuM)<br />

see<strong>in</strong>g a stagger<strong>in</strong>g <strong>in</strong>crease<br />

from €2.7 billion <strong>in</strong> 2016 to<br />

€11.1 billion<br />

<strong>in</strong> the first quarter of 2022,<br />

prov<strong>in</strong>g <strong>Cyprus</strong> is be<strong>in</strong>g<br />

recognised by the global asset<br />

management community<br />

<strong>Cyprus</strong> cont<strong>in</strong>ues to be on the top of the list for <strong>in</strong>vestors, holiday-home seekers, expats<br />

and retirees. Tourism and real estate have always been robust sectors of the Cypriot<br />

economy, and a concerted effort to diversify the <strong>Cyprus</strong> offer<strong>in</strong>g <strong>in</strong> recent years has paid<br />

off. The number of foreign <strong>in</strong>vestors clos<strong>in</strong>g multimillion-euro deals <strong>in</strong> the last several<br />

years underl<strong>in</strong>es the fact that tourism-related real estate and <strong>in</strong>frastructure cont<strong>in</strong>ues<br />

to be one of the most attractive <strong>in</strong>vestment opportunities <strong>in</strong> <strong>Cyprus</strong>. Pre-pandemic years<br />

of record-break<strong>in</strong>g tourism numbers saw the island attract new <strong>in</strong>terest <strong>in</strong> conference,<br />

sports, health and wellness tourism. The construction and <strong>in</strong>vestment <strong>in</strong> multipurpose<br />

projects and mixed-use developments such as luxury mar<strong>in</strong>as, golf courses and more<br />

recently the island’s first-ever and only <strong>in</strong>tegrated luxury cas<strong>in</strong>o resort, are all part of<br />

the ongo<strong>in</strong>g strategy to upgrade <strong>Cyprus</strong>’ tourism product. The new cas<strong>in</strong>o resort, City<br />

of Dreams Mediterranean, will have extensive facilities and five-star status. The cas<strong>in</strong>o<br />

resort is Hong Kong-based Melco’s first expansion outside of Asia and will be the biggest<br />

cas<strong>in</strong>o of its k<strong>in</strong>d <strong>in</strong> Europe, with the <strong>in</strong>vestment for this mega project at €600 million.<br />

Spurred by this unique development, <strong>Cyprus</strong> garnered another landmark <strong>in</strong>vestment<br />

deal <strong>in</strong> 2022 with Israeli bus<strong>in</strong>ess magnate Gilad Shabtai <strong>in</strong>vest<strong>in</strong>g <strong>in</strong> over 130,000 m 2


DOING BUSINESS C YPRUS<br />

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SAUDI ARABIA EDITION<br />

Artist Impression: City of Dreams Mediterranean<br />

Artist Impression: Grand Hyatt Limassol<br />

Artist Impression: Ritz-Carlton Residences<br />

IMajor <strong>in</strong>vestments have also<br />

of land for development surround<strong>in</strong>g the<br />

new <strong>in</strong>tegrated cas<strong>in</strong>o resort <strong>in</strong> Limassol.<br />

been made <strong>in</strong> the hospitality<br />

The dest<strong>in</strong>ation and value of the area are<br />

set to be elevated by this key real estate<br />

<strong>in</strong>dustry with acquisitions<br />

<strong>in</strong>vestment.<br />

and the construction of new<br />

Proposals <strong>in</strong>clude the development<br />

of exclusive seven-star facilities<br />

luxury hotels by renowned<br />

provid<strong>in</strong>g bespoke services for owners<br />

hotel management cha<strong>in</strong>s<br />

and <strong>in</strong>vestors. Plans are also <strong>in</strong> place<br />

for additional <strong>in</strong>vestment by the former<br />

majority shareholder of telecoms start-up Viber <strong>in</strong>to the further expansion of the area<br />

<strong>in</strong> the future – which is a solid vote of confidence <strong>in</strong> the vast growth potential of <strong>Cyprus</strong>.<br />

Follow<strong>in</strong>g the success of Limassol Mar<strong>in</strong>a, more <strong>in</strong>vestment has flowed <strong>in</strong>to mar<strong>in</strong>a<br />

developments on the Cypriot coast. The €300 million luxury Ayia Napa Mar<strong>in</strong>a is under<br />

construction with berth<strong>in</strong>g facilities and a commercial village now fully operational.<br />

The mar<strong>in</strong>a offers capacity for 600 yachts of up to 60 metres, a shipyard, and a range of


DOING BUSINESS C YPRUS<br />

31<br />

SAUDI ARABIA EDITION<br />

luxury villas, apartments and facilities. With significant Egyptian <strong>in</strong>vestment back<strong>in</strong>g<br />

the <strong>in</strong>novative project and the seafront residences are expected to be completed by<br />

2023. In addition, the €110 million Paralimni Mar<strong>in</strong>a project is set to be completed <strong>in</strong><br />

2024, while a tender was signed <strong>in</strong> August 2021 with Deloitte Ltd and Triton Consult<strong>in</strong>g<br />

Eng<strong>in</strong>eers SA for a luxury mar<strong>in</strong>a <strong>in</strong> Paphos.<br />

Major <strong>in</strong>vestments have also been made <strong>in</strong> the hospitality <strong>in</strong>dustry with acquisitions<br />

and the construction of new luxury hotels by renowned hotel management cha<strong>in</strong>s. The<br />

Radisson Hotel Group, one of the largest and most dynamic hotel groups <strong>in</strong> the world,<br />

has big plans to grow its exist<strong>in</strong>g portfolio <strong>in</strong> the country to six hotels and almost 1,000<br />

rooms by 2025, one of which is the Radisson Larnaca Beach Resort, the very first beach<br />

resort by the Radisson Hotel Group worldwide.<br />

In 2019, the Luxury Collection, part of Marriott International, opened the Parklane<br />

Luxury Collection Resort & Spa resort <strong>in</strong> Limassol, mark<strong>in</strong>g Marriott International’s<br />

entry <strong>in</strong>to <strong>Cyprus</strong>. In July 2020, Hyatt Hotels Corporation announced a management<br />

agreement with Anolia Hold<strong>in</strong>gs Limited for the launch of the first Hyatt hotel <strong>in</strong> <strong>Cyprus</strong>.<br />

The 300-room luxury resort Grand Hyatt Limassol is expected to open <strong>in</strong> 2025. The<br />

new beachfront resort will also be a key element of Zaria Resort, a mixed-use luxury<br />

development, comprised of residential apartments and private villas totall<strong>in</strong>g more<br />

than 80,000 m 2 . One of the latest projects is the Sofitel Resort & Spa, a jo<strong>in</strong>t venture<br />

between S<strong>in</strong>gapore-headquartered Oxley Hold<strong>in</strong>gs and Planetvision on the Limassol<br />

beachfront. The project will be the first Sofitel Resort with branded residences <strong>in</strong><br />

Europe and is expected to be completed by 2023.<br />

Follow<strong>in</strong>g global trends and faced with an ag<strong>in</strong>g population, <strong>in</strong>vest<strong>in</strong>g <strong>in</strong> health and<br />

wellness developments as well as rehabilitation and bespoke retirement villages has<br />

enormous potential. An early example of this is the Eden Seniors Resort <strong>in</strong> Larnaca<br />

which opened its doors <strong>in</strong> 2018. Paphos is due to see the first dedicated retirement<br />

village <strong>in</strong> <strong>Cyprus</strong>. The €16 million retirement village, branded Lazaris Mill, will consist<br />

of 82 <strong>in</strong>dividual apartments, rang<strong>in</strong>g from studios to larger flats and a small 24-<br />

room hotel, and provide bespoke facilities. The first residents are expected <strong>in</strong> spr<strong>in</strong>g<br />

2023. Another upcom<strong>in</strong>g project <strong>in</strong> Paphos is Cypress Park, a new luxury residential<br />

development turn<strong>in</strong>g retirement <strong>in</strong>to a five-star resort stay.<br />

FOCUS ON INVESTOR SUPPORT<br />

Not one to rest on its laurels, <strong>Cyprus</strong> has been steadily sharpen<strong>in</strong>g its competitive<br />

edge by streaml<strong>in</strong><strong>in</strong>g processes to better cater to <strong>in</strong>vestors and by strengthen<strong>in</strong>g<br />

new sectors to support its already more established <strong>in</strong>dustries.<br />

Investment opportunities <strong>in</strong> <strong>Cyprus</strong>’ large-scale projects span various sectors,<br />

<strong>in</strong>clud<strong>in</strong>g high-value tourism and hous<strong>in</strong>g developments, projects with a special focus<br />

on golf courses and luxury mar<strong>in</strong>as, as well as education, energy, and more lately, the<br />

<strong>in</strong>ternational film sector.<br />

Special schemes and <strong>in</strong>centives are<br />

<strong>in</strong> place to facilitate headquarter<strong>in</strong>g,<br />

which covers the sectors of technology,<br />

asset management, <strong>in</strong>vestment funds,<br />

550 COMPANIES<br />

shipp<strong>in</strong>g and higher education, and<br />

‘Olivewood’ for the <strong>in</strong>ternational film that have relocated or expanded<br />

<strong>in</strong>dustry. A new government Action<br />

their activities <strong>in</strong> <strong>Cyprus</strong><br />

Plan launched <strong>in</strong> 2021 also provides<br />

Ithe BFU has catered to more than


DOING BUSINESS C YPRUS<br />

32<br />

SAUDI ARABIA EDITION<br />

new <strong>in</strong>centives to attract non-EU talent<br />

and companies to establish operations<br />

<strong>in</strong> <strong>Cyprus</strong>. The recent <strong>in</strong>troduction of a<br />

<strong>Bus<strong>in</strong>ess</strong> Facilitation Unit (BFU) promises<br />

to be a gamechanger for ease of sett<strong>in</strong>g<br />

up <strong>in</strong> <strong>Cyprus</strong>. The BFU specialises <strong>in</strong> fasttrack<strong>in</strong>g<br />

bus<strong>in</strong>ess setup, permitt<strong>in</strong>g and<br />

licens<strong>in</strong>g for companies, their employees<br />

and families, and <strong>in</strong> less than two years of<br />

operation, the BFU has catered to more<br />

than 550 companies that have relocated<br />

or expanded their activities <strong>in</strong> <strong>Cyprus</strong>.<br />

To better facilitate FDI, the country’s<br />

<strong>in</strong>vestment promotion agency, Invest<br />

<strong>Cyprus</strong>, has also developed an onl<strong>in</strong>e<br />

<strong>in</strong>vestment matchmak<strong>in</strong>g platform<br />

branded the Project Bank, to help<br />

<strong>in</strong>vestors identify the right market<br />

opportunities for projects based <strong>in</strong><br />

<strong>Cyprus</strong>. In addition, Invest <strong>Cyprus</strong> hosts<br />

the annual International Investment<br />

Awards, where it honoured seven companies <strong>in</strong> 2022 for their contributions to <strong>Cyprus</strong>,<br />

namely Bra<strong>in</strong>Rocket, ECOMMBX, CVC, TheSoul Publish<strong>in</strong>g, Murex, Medicover and<br />

SYKES.<br />

LOCATION, LOCATION, LOCATION<br />

<strong>Cyprus</strong>’ liberalised FDI Policy, both for EU citizens and <strong>in</strong>vestors from third countries,<br />

along with its favourable tax regime makes it one of the most attractive <strong>in</strong>vestment<br />

targets <strong>in</strong> Europe. At 12.5% <strong>Cyprus</strong>’ corporate tax rate is one of the most competitive <strong>in</strong><br />

the EU and new tax-neutral reforms that are on the way will simplify and modernise<br />

the tax system further. The country’s extensive network of double taxation treaties<br />

with 67 countries have strengthened its position as a bus<strong>in</strong>ess gateway and a preferred<br />

location for corporate headquarters. The country’s skilled talent, low cost of do<strong>in</strong>g<br />

bus<strong>in</strong>ess, top-tier professional services, and high quality of life renders <strong>Cyprus</strong> not only<br />

a wise bus<strong>in</strong>ess and <strong>in</strong>vestment choice but also a great relocation dest<strong>in</strong>ation. n<br />

With solid and cont<strong>in</strong>uous <strong>in</strong>terest <strong>in</strong> the tourism sector, Invest<br />

<strong>Cyprus</strong> has set up a dedicated and specialised unit, TourInvest, to<br />

promote <strong>in</strong>vestment opportunities <strong>in</strong> the tourism and hospitality<br />

sector. In cooperation with the Deputy M<strong>in</strong>istry of Tourism and<br />

other stakeholders, the unit focuses on attract<strong>in</strong>g multimillioneuro<br />

<strong>in</strong>vestment <strong>in</strong>to large-scale <strong>in</strong>frastructure projects


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33<br />

SAUDI ARABIA EDITION<br />

CYPRUS-SAUDI ARABIA RELATIONS<br />

T<br />

he bilateral ties between <strong>Cyprus</strong> and <strong>Saudi</strong> Arabia have been grow<strong>in</strong>g<br />

closer <strong>in</strong> recent years through constant reciprocal high-level visits and<br />

with several agreements <strong>in</strong> various fields under revision to further boost<br />

relations and to enhance cooperation.<br />

Relations between the two countries progressed <strong>in</strong> 2015 with the<br />

establishment of the <strong>Cyprus</strong> Embassy <strong>in</strong> Riyadh, followed by the<br />

establishment of the <strong>Saudi</strong> Embassy <strong>in</strong> Nicosia three years later. In<br />

addition, the formation of the <strong>Cyprus</strong>-<strong>Saudi</strong> Arabia Friendship Group<br />

<strong>in</strong> the House of Representatives of <strong>Cyprus</strong> and the <strong>Saudi</strong> Arabia-<strong>Cyprus</strong><br />

Friendship Group <strong>in</strong> the Majlis Al Shura, as well as the creation of the<br />

<strong>Cyprus</strong>-<strong>Saudi</strong> <strong>Bus<strong>in</strong>ess</strong> Association have fostered closer ties between the<br />

two countries. Similarly, The Federation of <strong>Saudi</strong> Chambers of Commerce<br />

and the <strong>Cyprus</strong> Chamber of Commerce recently signed a cooperation<br />

agreement to establish a <strong>Saudi</strong>-Cypriot <strong>Bus<strong>in</strong>ess</strong> Council to further<br />

enhance their bus<strong>in</strong>ess l<strong>in</strong>ks.<br />

The relationship is firmly set on a new trajectory of growth and<br />

enhanced engagement to facilitate jo<strong>in</strong>t <strong>in</strong>itiatives and <strong>in</strong>vestment <strong>in</strong><br />

various fields, such as civil aviation, energy, maritime and air transport,<br />

ports, food, medic<strong>in</strong>e, digitalisation, cyber security and f<strong>in</strong>ancial services.<br />

Significant potential exists for both countries to enjoy sizable benefits<br />

from bilateral alliances. In this regard, the Republic of <strong>Cyprus</strong> and the<br />

K<strong>in</strong>gdom of <strong>Saudi</strong> Arabia are work<strong>in</strong>g together towards promot<strong>in</strong>g a<br />

series of bilateral trade and <strong>in</strong>vestment agreements. Another example of<br />

recent collaboration came <strong>in</strong> 2022, with telecommunications companies<br />

from <strong>Cyprus</strong> and <strong>Saudi</strong> Arabia becom<strong>in</strong>g parties of the East Med Corridor<br />

(EMC), an undersea data cable of geostrategic importance, which will start<br />

<strong>in</strong> S<strong>in</strong>gapore, pass through <strong>Saudi</strong> Arabia, Israel, <strong>Cyprus</strong> and Greece and<br />

end <strong>in</strong> Italy and France. In addition, Arabsat – a global leader <strong>in</strong> satellite<br />

services – has already <strong>in</strong>vested heavily <strong>in</strong> <strong>Cyprus</strong> through Hellas Sat.<br />

At the crossroads of Europe, North Africa and Asia and be<strong>in</strong>g the closest<br />

EU country to <strong>Saudi</strong> Arabia, <strong>Cyprus</strong> can serve as an ideal location for <strong>Saudi</strong><br />

bus<strong>in</strong>esses to establish their European and <strong>in</strong>ternational headquarters.<br />

The island’s new <strong>in</strong>centives for third country nationals, its EU status and<br />

first-class services offer many opportunities for <strong>Saudi</strong> bus<strong>in</strong>ess.<br />

The two countries have also adopted national long-term visions that<br />

aspire to better address current and future challenges and to safeguard<br />

growth for the wider region. These are reflected <strong>in</strong> <strong>Cyprus</strong>’ Vision 2035<br />

and <strong>Saudi</strong> Arabia’s Vision 2030 respectively, which <strong>in</strong>clude unprecedented<br />

reforms and promote more susta<strong>in</strong>able and open economies. These<br />

national frameworks offer vast scope for strengthen<strong>in</strong>g political and<br />

economic cooperation, and particularly <strong>in</strong> the energy sector. <strong>Cyprus</strong> and<br />

the Eastern Mediterranean is likely to play a role <strong>in</strong> the EU’s hydrogen<br />

strategy, and <strong>Saudi</strong> entities may also participate <strong>in</strong> the advanc<strong>in</strong>g of the<br />

energy transition <strong>in</strong> the East Med and towards the expansion of renewable<br />

energies and electricity <strong>in</strong>terconnection.


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SAUDI ARABIA EDITION<br />

INSIGHT<br />

M<strong>in</strong>ister of Foreign Affairs<br />

Ioannis Kasoulides


DOING BUSINESS C YPRUS<br />

35<br />

SAUDI ARABIA EDITION<br />

<strong>Cyprus</strong> and <strong>Saudi</strong> Arabia have recently placed<br />

strong focus on further strengthen<strong>in</strong>g their bilateral<br />

relations. What are the key pillars that form this<br />

diplomatic relationship and how do you see this<br />

bilateral partnership develop<strong>in</strong>g <strong>in</strong> the future?<br />

C<br />

yprus views <strong>Saudi</strong> Arabia as one of its key strategic partners <strong>in</strong> our wider region and<br />

I am particularly happy to note that, despite the challenges posed by the pandemic –<br />

and more recently by the war <strong>in</strong> Ukra<strong>in</strong>e – our relations and cooperation grew stronger<br />

<strong>in</strong> a number of fields.<br />

Fundamental <strong>in</strong>gredients of this relationship are our shared values and strong<br />

commitment on the core pr<strong>in</strong>ciples of <strong>in</strong>ternational law, on a rules-based <strong>in</strong>ternational<br />

order, <strong>in</strong>clud<strong>in</strong>g the law of the sea and our across-the-board respect of the pr<strong>in</strong>ciples<br />

of sovereignty and territorial <strong>in</strong>tegrity. These are non-negotiable pr<strong>in</strong>ciples for both<br />

countries.<br />

The official visit of President Anastasiades last March, who I had the privilege to<br />

accompany, the exchange of visits of other high officials and the well awaited visit of<br />

HRH the Crown Pr<strong>in</strong>ce to <strong>Cyprus</strong>, are good <strong>in</strong>dicators of a steadily grow<strong>in</strong>g and more<br />

mature, cooperative and results-oriented bilateral relationship. The Jo<strong>in</strong>t Statement,<br />

which was adopted follow<strong>in</strong>g the President’s visit, states the strong commitment of<br />

the two countries for bilateral cooperation and multilateral coord<strong>in</strong>ation and the<br />

will<strong>in</strong>gness to contribute to regional and <strong>in</strong>ternational security and stability. It also<br />

serves as a roadmap of our partnership <strong>in</strong> many fields. Towards this end, we aim to<br />

create a Comprehensive Strategic Partnership Framework, focus<strong>in</strong>g on key doma<strong>in</strong>s<br />

of economic cooperation, <strong>in</strong>clud<strong>in</strong>g <strong>in</strong>ter alia tourism, digital cooperation, shipp<strong>in</strong>g,<br />

energy, culture and education.<br />

Hav<strong>in</strong>g said that, our cooperation is already materialis<strong>in</strong>g, produc<strong>in</strong>g concrete and<br />

tangible results. <strong>Cyprus</strong> was among the first countries to declare its support to the<br />

K<strong>in</strong>gdom’s candidacy for EXPO2030; we were the first EU Member State to become a<br />

member of the Digital Cooperation Organization launched by the K<strong>in</strong>gdom of <strong>Saudi</strong><br />

Arabia last year to strengthen cooperation across <strong>in</strong>novation-driven sectors and<br />

accelerate the growth of the digital economies of its members; and more recently,<br />

telecommunications companies from <strong>Cyprus</strong> and <strong>Saudi</strong> Arabia became parties of the<br />

East Med Corridor (EMC), an undersea data cable of geostrategic importance, which<br />

will start <strong>in</strong> S<strong>in</strong>gapore, pass through <strong>Saudi</strong> Arabia, Israel, <strong>Cyprus</strong> and Greece and end <strong>in</strong><br />

Italy and France.<br />

In addition, both <strong>Cyprus</strong> and <strong>Saudi</strong> Arabia have adopted national long-term visions<br />

that aspire to unlock their potential and opportunities, to better address current and<br />

future challenges and to safeguard growth and prosperity for our people and for our<br />

wider common region. These are reflected <strong>in</strong> <strong>Cyprus</strong>’ Vision 2035 and <strong>Saudi</strong> Arabia’s<br />

Vision 2030 respectively, which <strong>in</strong>clude unprecedented reforms and promote more<br />

susta<strong>in</strong>able and open economies. I firmly believe that these provide a vast scope for<br />

strengthen<strong>in</strong>g our political and economic cooperation even further and I am confident<br />

that <strong>in</strong> the years to come, this cooperation will have a direct positive impact on our<br />

peoples. n


DOING BUSINESS C YPRUS<br />

36<br />

SAUDI ARABIA EDITION<br />

INTERVIEW<br />

Ambassador of the K<strong>in</strong>gdom of <strong>Saudi</strong><br />

Arabia to the Republic of <strong>Cyprus</strong><br />

Khaled<br />

Mohammed<br />

Alsharif<br />

<strong>Saudi</strong> Arabia and <strong>Cyprus</strong> have made headway <strong>in</strong><br />

deepen<strong>in</strong>g their bilateral relations with a focus to<br />

<strong>in</strong>tensify cooperation between the two countries <strong>in</strong><br />

various fields such as economy, energy, susta<strong>in</strong>ability<br />

and tourism, says Khaled Mohammed Alsharif.


DOING BUSINESS C YPRUS<br />

37<br />

SAUDI ARABIA EDITION<br />

<strong>Saudi</strong> Arabia and <strong>Cyprus</strong> have recently made great efforts<br />

to expand their relationship, how would you describe the<br />

current bilateral relations between the two nations?<br />

Bilateral ties between the two countries were progressed <strong>in</strong> 2015 when the <strong>Cyprus</strong><br />

Embassy <strong>in</strong> Riyadh was first established followed by the establishment of the <strong>Saudi</strong><br />

Embassy <strong>in</strong> Nicosia three years later. Furthermore, we also had the formation of the<br />

<strong>Cyprus</strong>-<strong>Saudi</strong> Arabia Friendship Group <strong>in</strong> the House of Representatives of <strong>Cyprus</strong> and<br />

the <strong>Saudi</strong> Arabia-<strong>Cyprus</strong> Friendship Group <strong>in</strong> the Majlis Al Shura. S<strong>in</strong>ce then, several<br />

memorandums of cooperation and agreements are under revision to further boost ties<br />

between the two countries <strong>in</strong> various fields. Last year <strong>Cyprus</strong> and <strong>Saudi</strong> Arabia had their<br />

first meet<strong>in</strong>g for political dialogue that was held <strong>in</strong> our capital, Riyadh. The friendly and<br />

mutually reward<strong>in</strong>g bilateral relationship between <strong>Saudi</strong> Arabia and <strong>Cyprus</strong> has grown<br />

considerably over the last years, and both countries are ma<strong>in</strong>ta<strong>in</strong><strong>in</strong>g an excellent state<br />

of friendship with enhanced cooperation.<br />

Are there significant projects or <strong>in</strong>itiatives between <strong>Saudi</strong><br />

Arabia and <strong>Cyprus</strong> at the moment, and what k<strong>in</strong>d of<br />

cooperation would you like to see developed <strong>in</strong> the future?<br />

Dur<strong>in</strong>g the recent visit of the President of <strong>Cyprus</strong> Nicos Anastasiades to the K<strong>in</strong>gdom<br />

of <strong>Saudi</strong> Arabia official talks were held with Crown Pr<strong>in</strong>ce Mohammed b<strong>in</strong> Salman<br />

b<strong>in</strong> Abdulaziz Al Saud, Deputy Prime M<strong>in</strong>ister and M<strong>in</strong>ister of Defence, <strong>in</strong> order to<br />

review all aspects of bilateral relations as well as to enhance and <strong>in</strong>tensify cooperation<br />

between the two countries <strong>in</strong> various fields such as economy, energy, susta<strong>in</strong>ability<br />

and tourism.<br />

<strong>Cyprus</strong> is a strong <strong>in</strong>ternational bus<strong>in</strong>ess centre<br />

and EU base for cross-border operations. It is also<br />

the closest EU member to <strong>Saudi</strong> Arabia. What<br />

opportunities does this provide specifically to <strong>Saudi</strong><br />

bus<strong>in</strong>ess and what advantages does <strong>Cyprus</strong> offer<br />

<strong>Saudi</strong> Arabia to facilitate more trade and bus<strong>in</strong>ess?<br />

I<br />

t is true that due to its geographical location <strong>Cyprus</strong> is a strong <strong>in</strong>ternational bus<strong>in</strong>ess<br />

centre and EU base for cross-border operations. It is also the closest EU country to<br />

<strong>Saudi</strong> Arabia and an attractive dest<strong>in</strong>ation for foreign direct <strong>in</strong>vestment as well as for


DOING BUSINESS C YPRUS<br />

38<br />

SAUDI ARABIA EDITION<br />

bus<strong>in</strong>esses to establish their European and International headquarters. Additionally,<br />

the <strong>Cyprus</strong>-<strong>Saudi</strong> <strong>Bus<strong>in</strong>ess</strong> Association that has been <strong>in</strong>itiated <strong>in</strong> October 2020 under<br />

the auspices of the <strong>Cyprus</strong> Chamber of Commerce aims to create new opportunities for<br />

partnership between bus<strong>in</strong>esspeople <strong>in</strong> both countries as well as further strengthen<strong>in</strong>g<br />

the bus<strong>in</strong>ess relations by operat<strong>in</strong>g as a bridge between <strong>Saudi</strong> and <strong>Cyprus</strong>. It’s an<br />

official platform that mutually benefits economic and trade relations. Similarly, The<br />

Federation of <strong>Saudi</strong> Chambers of Commerce and the <strong>Cyprus</strong> Chamber of Commerce<br />

recently signed a cooperation agreement to establish a <strong>Saudi</strong>-Cypriot <strong>Bus<strong>in</strong>ess</strong> Council<br />

to further enhance our bus<strong>in</strong>ess bond.<br />

<strong>Saudi</strong> Arabia’s Green Initiative is part of the K<strong>in</strong>gdom’s<br />

Vision 2030, what k<strong>in</strong>d of strategic trade and <strong>in</strong>vestment<br />

opportunities are emerg<strong>in</strong>g from this new vision?<br />

The <strong>Saudi</strong> government has an ambitious plan to steer the K<strong>in</strong>gdom away from its<br />

dependence on oil. <strong>Saudi</strong> Arabia’s Crown Pr<strong>in</strong>ce Mohammed b<strong>in</strong> Salman has<br />

announced the <strong>Saudi</strong> Green Initiative and the Middle East Green Initiative, which are<br />

programmes that aim to reduce carbon emissions by 60% and plant 50 billion trees <strong>in</strong><br />

the region. The K<strong>in</strong>gdom fully recognises its share of responsibility <strong>in</strong> advanc<strong>in</strong>g the<br />

efforts aga<strong>in</strong>st the climate crisis by lead<strong>in</strong>g the world’s largest afforestation project.<br />

Be<strong>in</strong>g a leader <strong>in</strong> the energy markets<br />

dur<strong>in</strong>g the oil and gas era, the K<strong>in</strong>gdom<br />

aims to become a global leader <strong>in</strong> forg<strong>in</strong>g<br />

a greener world, which is a strategic<br />

target <strong>in</strong> <strong>Saudi</strong>’s Vision 2030. The Crown<br />

Pr<strong>in</strong>ce’s Vision 2030 is a social and<br />

economic strategic reform project laid by<br />

the K<strong>in</strong>gdom of <strong>Saudi</strong> Arabia to diversify<br />

IThe friendly and mutually<br />

reward<strong>in</strong>g bilateral relationship<br />

between <strong>Saudi</strong> Arabia and<br />

<strong>Cyprus</strong> has grown considerably<br />

over the last years


DOING BUSINESS C YPRUS<br />

39<br />

SAUDI ARABIA EDITION<br />

the nation’s economy and to stimulate<br />

numerous changes <strong>in</strong> its social and<br />

economic sectors, <strong>in</strong>clud<strong>in</strong>g healthcare.<br />

Moreover, it is built on three pillars – a<br />

vibrant society, a thriv<strong>in</strong>g economy and<br />

an ambitious nation. A vibrant society<br />

is vital to achiev<strong>in</strong>g the Vision and<br />

establish<strong>in</strong>g a strong foundation for<br />

economic prosperity. The K<strong>in</strong>gdom’s goal<br />

is to create a society <strong>in</strong> which every citizen<br />

IBe<strong>in</strong>g a leader <strong>in</strong> the energy<br />

markets dur<strong>in</strong>g the oil and gas era,<br />

the K<strong>in</strong>gdom aims to become a<br />

global leader <strong>in</strong> forg<strong>in</strong>g a greener<br />

world, which is a strategic<br />

target <strong>in</strong> <strong>Saudi</strong>’s Vision 2030<br />

enjoys a happy, fulfill<strong>in</strong>g lifestyle complemented by a standard of liv<strong>in</strong>g which provides<br />

a safe and secure environment for families, and access to world class healthcare and<br />

education. Secondly, a thriv<strong>in</strong>g economy provides opportunities for all by build<strong>in</strong>g an<br />

education system aligned with market needs to offer the young people the skills for<br />

the jobs of the future, and creat<strong>in</strong>g economic opportunities for entrepreneurs, small<br />

enterprises and large corporations. Lastly, an ambitious nation applies efficiency and<br />

responsibility at all levels <strong>in</strong> order to deliver the Vision efficiently.<br />

What sectors or what type of projects <strong>in</strong> <strong>Cyprus</strong> could<br />

be attractive for direct <strong>in</strong>vestment from <strong>Saudi</strong> Arabia?<br />

Several sectors and a variety of projects <strong>in</strong> a number of fields <strong>in</strong> <strong>Cyprus</strong> could be<br />

attractive for direct <strong>in</strong>vestment from <strong>Saudi</strong> Arabia, and we are happy to see that<br />

Invest <strong>Cyprus</strong>, the National Investment Promotion Authority of <strong>Cyprus</strong>, was part of the<br />

<strong>Bus<strong>in</strong>ess</strong> Forum organised by the <strong>Cyprus</strong> Chamber of Commerce and Industry <strong>in</strong> Jeddah<br />

and Riyadh earlier <strong>in</strong> June. A number of meet<strong>in</strong>gs were conducted with the M<strong>in</strong>istry of<br />

Investment of <strong>Saudi</strong> Arabia to explore various options to strengthen bilateral relations<br />

and mutually beneficial cooperation between both countries.<br />

How do you see <strong>Saudi</strong> Arabia-<strong>Cyprus</strong><br />

relations develop<strong>in</strong>g <strong>in</strong> the future?<br />

The progress <strong>in</strong> the expand<strong>in</strong>g of<br />

ISeveral sectors and a variety of<br />

relations between our countries<br />

<strong>in</strong> recent years allows us to be projects <strong>in</strong> a number of fields <strong>in</strong><br />

particularly optimistic about the further<br />

<strong>Cyprus</strong> could be attractive for direct<br />

strengthen<strong>in</strong>g of our friendship and<br />

cooperation <strong>in</strong> the future. I am confident <strong>in</strong>vestment from <strong>Saudi</strong> Arabia<br />

that together we can achieve much for<br />

our people and the region, contribut<strong>in</strong>g together to stability, security and prosperity. n


DOING BUSINESS C YPRUS<br />

40<br />

SAUDI ARABIA EDITION<br />

INTERVIEW<br />

Ambassador of the Republic of <strong>Cyprus</strong><br />

to the K<strong>in</strong>gdom of <strong>Saudi</strong> Arabia<br />

Stavros<br />

Avgoustides


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SAUDI ARABIA EDITION<br />

<strong>Cyprus</strong> and <strong>Saudi</strong> Arabia have witnessed significant<br />

momentum <strong>in</strong> strategic bilateral and multilateral<br />

relations, both politically and economically.<br />

<strong>Cyprus</strong> is a high-growth market which offers<br />

significant opportunities for <strong>Saudi</strong> companies and<br />

<strong>in</strong>vestors across a range of sectors such as tourism,<br />

technology and energy, says Stavros Avgoustides.<br />

<strong>Cyprus</strong> and <strong>Saudi</strong> Arabia have actively been deepen<strong>in</strong>g<br />

their ties <strong>in</strong> recent years, how would you describe the<br />

current bilateral relations between the two nations?<br />

The canvas of our engagement looks very different from what it was three or<br />

four years ago. It is now firmly set on a new trajectory of growth and enhanced<br />

engagement. Together with the K<strong>in</strong>gdom of <strong>Saudi</strong> Arabia, we are build<strong>in</strong>g a relationship<br />

based on mutual trust, respect, and a common vision. The vision of peace, stability and<br />

prosperity for our two peoples and the region.<br />

<strong>Cyprus</strong> and <strong>Saudi</strong> Arabia have a similar m<strong>in</strong>dset and share the same goals and<br />

aspirations as nations <strong>in</strong> the regional and <strong>in</strong>ternational sphere. The pandemic, and<br />

current events rem<strong>in</strong>d us how <strong>in</strong>terdependent we are, and why we need to strengthen<br />

our multiple partnerships to face an <strong>in</strong>creas<strong>in</strong>gly competitive <strong>in</strong>ternational and<br />

regional environment.<br />

Our people-to-people relations and trust has been cont<strong>in</strong>uously strengthened<br />

through constant reciprocal high-level visits. Indeed, despite the disruptions <strong>in</strong><br />

engagements due to the Covid situation over the last two years, the rhythm of highlevel<br />

contacts has been ma<strong>in</strong>ta<strong>in</strong>ed. The visit of HE the President of the Republic of<br />

<strong>Cyprus</strong> to the K<strong>in</strong>gdom, and the reciprocal visit to <strong>Cyprus</strong> of HRH the Crown Pr<strong>in</strong>ce, as<br />

well as the exchange of visits of a good number of high officials from both countries, are<br />

testament to how far the relationship has matured.<br />

When it comes to bilateral agreements and memoranda, we are <strong>in</strong> favour of ‘quality’<br />

over ‘quantity’. The idea is to grow people-to-people relations through bus<strong>in</strong>ess,<br />

educational, and cultural exchanges. We are now focus<strong>in</strong>g on specific areas that will<br />

potentially have a direct positive impact on the two peoples and societies.


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42<br />

SAUDI ARABIA EDITION<br />

What k<strong>in</strong>d of jo<strong>in</strong>t projects or <strong>in</strong>itiatives do the two<br />

countries participate <strong>in</strong> at the moment, and what new<br />

prospects are there to <strong>in</strong>crease economic cooperation?<br />

As previously mentioned, we have witnessed a significant momentum <strong>in</strong> our strategic<br />

bilateral and multilateral relations, both political and economic. Despite the<br />

limitations caused by the pandemic, Riyadh and Jeddah Chamber <strong>in</strong> collaboration with<br />

the <strong>Cyprus</strong> Chamber of Commerce and Industry organised last June the first of <strong>Cyprus</strong>-<br />

<strong>Saudi</strong> <strong>Bus<strong>in</strong>ess</strong> Forums <strong>in</strong> the two <strong>Saudi</strong> cities. These events and ones to follow are great<br />

testament to the grow<strong>in</strong>g strength of <strong>Cyprus</strong>-<strong>Saudi</strong> Arabia relations and provide a unique<br />

opportunity for entrepreneurs and members of the bus<strong>in</strong>ess community from both<br />

friendly countries to learn more about the advantages of these attractive <strong>in</strong>vestment<br />

dest<strong>in</strong>ations and to hear about the prospects and the current market opportunities.<br />

Indeed, bus<strong>in</strong>esses from both countries use these forums to forge networks as well as<br />

engage <strong>in</strong> bus<strong>in</strong>ess-to-bus<strong>in</strong>ess transactions. We are work<strong>in</strong>g together with the bus<strong>in</strong>ess<br />

people of both countries and are explor<strong>in</strong>g new avenues and opportunities for bilateral<br />

trade and <strong>in</strong>vestments. As previously mentioned, we see it more as people-to-people<br />

<strong>in</strong>teractions. Our Embassy encourages bus<strong>in</strong>esses from <strong>Cyprus</strong> to expand their footpr<strong>in</strong>t<br />

<strong>in</strong> the K<strong>in</strong>gdom and start build<strong>in</strong>g relationships with their <strong>Saudi</strong> Arabian counterparts.<br />

The K<strong>in</strong>gdom of <strong>Saudi</strong> Arabia is undergo<strong>in</strong>g significant changes, economically<br />

and socially. Indeed, the ongo<strong>in</strong>g reforms have led to a significant <strong>in</strong>crease of FDIs <strong>in</strong><br />

the K<strong>in</strong>gdom. Indeed, the results of the Vision 2030 are evident <strong>in</strong> our daily lives and<br />

<strong>in</strong>teractions. The positive state of our bilateral relations offers a unique opportunity<br />

to build momentum to deepen economic ties <strong>in</strong> this longstand<strong>in</strong>g and endur<strong>in</strong>g<br />

partnership. Deepen<strong>in</strong>g the economic relationship would pay dividends <strong>in</strong> other areas<br />

as well, translat<strong>in</strong>g <strong>in</strong>to greater opportunities for strategic bilateral cooperation.<br />

The production of mutually beneficial results will demand time, resources, and<br />

political capital. <strong>Cyprus</strong> and <strong>Saudi</strong> Arabia would benefit from a closer and stronger trade<br />

and foreign direct <strong>in</strong>vestment relationship that would amplify growth and prosperity,<br />

<strong>in</strong> both the short and long term. This<br />

is why we have applauded the creation<br />

of the <strong>Cyprus</strong>-<strong>Saudi</strong> Arabia <strong>Bus<strong>in</strong>ess</strong><br />

Association, which itself supports the<br />

concrete steps that need to be taken<br />

toward deepen<strong>in</strong>g the commercial/<br />

bus<strong>in</strong>ess relationship between our two<br />

countries. Moreover, it is with great<br />

pleasure that we recently witnessed<br />

the sign<strong>in</strong>g of the creation of the <strong>Saudi</strong>-<br />

<strong>Cyprus</strong> <strong>Bus<strong>in</strong>ess</strong> Council, which will<br />

<strong>in</strong>volve bus<strong>in</strong>ess people from both<br />

countries, and we are confident it will<br />

create a mutually beneficial framework to<br />

foster the bilateral flow of goods, services,<br />

and <strong>in</strong>vestments.<br />

IThe positive state of our<br />

bilateral relations offers a<br />

unique opportunity to build<br />

momentum to deepen economic<br />

ties <strong>in</strong> this longstand<strong>in</strong>g and<br />

endur<strong>in</strong>g partnership. Deepen<strong>in</strong>g<br />

the economic relationship<br />

would pay dividends <strong>in</strong> other<br />

areas as well, translat<strong>in</strong>g<br />

<strong>in</strong>to greater opportunities for<br />

strategic bilateral cooperation


DOING BUSINESS C YPRUS<br />

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SAUDI ARABIA EDITION<br />

<strong>Cyprus</strong> is a strong regional hub and EU base<br />

for <strong>in</strong>ternational bus<strong>in</strong>ess and offers many<br />

advantages for companies engaged <strong>in</strong> crossborder<br />

activities, what advantages does <strong>Cyprus</strong><br />

offer specifically to <strong>Saudi</strong> bus<strong>in</strong>ess?<br />

<strong>Saudi</strong> bus<strong>in</strong>esses and <strong>in</strong>vestors do not differ from other <strong>in</strong>ternational bus<strong>in</strong>esses.<br />

They seek a safe, stable and trustworthy service-oriented bus<strong>in</strong>ess environment.<br />

That’s why many <strong>in</strong>ternational companies from different sectors have already chosen<br />

<strong>Cyprus</strong> as the location for their regional headquarters.<br />

<strong>Cyprus</strong> provides an element of political and economic stability, an excellent quality<br />

of life and an efficient and productive labour force. All these create a competent and<br />

conducive bus<strong>in</strong>ess environment. Concurrently, <strong>Saudi</strong> bus<strong>in</strong>esses can use <strong>Cyprus</strong> as a<br />

convenient entry po<strong>in</strong>t <strong>in</strong>to the EU marketplace, a bridge for expand<strong>in</strong>g their bus<strong>in</strong>ess<br />

networks and seek new opportunities.<br />

What sectors or niche segments <strong>in</strong> <strong>Cyprus</strong> do<br />

you th<strong>in</strong>k have untapped potential <strong>in</strong> terms of<br />

attract<strong>in</strong>g direct <strong>in</strong>vestment from <strong>Saudi</strong> Arabia?<br />

<strong>Cyprus</strong> is a high-growth market which offers significant opportunities for <strong>Saudi</strong><br />

companies and <strong>in</strong>vestors across a range of sectors. To this end, I would like to<br />

particularly highlight the importance of the Jo<strong>in</strong>t Statement issued follow<strong>in</strong>g the<br />

President’s recent visit to Riyadh [1/3/2022], which signifies <strong>in</strong>ter alia our will<strong>in</strong>gness<br />

to push further the enhancement of our bilateral relations, towards their elevation to<br />

a full-fledged strategic cooperation.<br />

In the Jo<strong>in</strong>t Statement, which we envision to use as a road map <strong>in</strong> our bilateral<br />

relations, special emphasis is given <strong>in</strong> certa<strong>in</strong> areas such as tourism, high-tech and<br />

digital economy, education, maritime and energy sectors. More specifically <strong>in</strong> the<br />

energy sector, it is our strong belief that <strong>Cyprus</strong> and the Eastern Mediterranean will<br />

potentially play a role <strong>in</strong> the EU’s hydrogen strategy. <strong>Saudi</strong> entities may also participate<br />

<strong>in</strong> the advanc<strong>in</strong>g of the energy transition <strong>in</strong> the East Mediterranean and towards the<br />

expansion of renewable energies and electricity <strong>in</strong>terconnection.<br />

Long term, <strong>Saudi</strong> Arabia also has<br />

promis<strong>in</strong>g potential for support<strong>in</strong>g<br />

EU’s hydrogen strategy through <strong>Cyprus</strong><br />

and the Eastern Mediterranean. <strong>Saudi</strong><br />

Arabia <strong>in</strong>spires and will become <strong>in</strong> the<br />

com<strong>in</strong>g years the biggest producer of<br />

the clean energy source. <strong>Cyprus</strong> can act<br />

as an ‘energy bridge’ <strong>in</strong>terconnect<strong>in</strong>g<br />

I<strong>Saudi</strong> bus<strong>in</strong>esses can use <strong>Cyprus</strong><br />

as a convenient entry po<strong>in</strong>t <strong>in</strong>to<br />

the EU marketplace, a bridge for<br />

expand<strong>in</strong>g their bus<strong>in</strong>ess networks<br />

and seek new opportunities


DOING BUSINESS C YPRUS<br />

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SAUDI ARABIA EDITION<br />

the biggest hydrogen production plant,<br />

currently under construction <strong>in</strong> the<br />

planned city of Neom on the Red Sea<br />

coast, with Europe.<br />

How do you see the<br />

relationship between<br />

<strong>Saudi</strong> Arabia and <strong>Cyprus</strong><br />

develop<strong>in</strong>g <strong>in</strong> the future?<br />

We need to cont<strong>in</strong>ue on a step-bystep<br />

approach; by sett<strong>in</strong>g viable<br />

goals <strong>in</strong> our bilateral relations. As for<br />

our more immediate goals, establish<strong>in</strong>g<br />

direct air connectivity rema<strong>in</strong>s a strong<br />

priority for both countries, and we<br />

I<strong>Cyprus</strong> provides an element<br />

of political and economic<br />

stability, an excellent quality<br />

of life and an efficient and<br />

productive labour force. All<br />

these create a competent<br />

and conducive bus<strong>in</strong>ess<br />

environment. Concurrently,<br />

<strong>Saudi</strong> bus<strong>in</strong>esses can use<br />

<strong>Cyprus</strong> as a convenient entry<br />

po<strong>in</strong>t <strong>in</strong>to the EU marketplace,<br />

a bridge for expand<strong>in</strong>g their<br />

bus<strong>in</strong>ess networks and<br />

seek new opportunities<br />

strongly believe direct flights are a game<br />

changer for better relations. The production of mutually beneficial and viable results<br />

<strong>in</strong> our bilateral relations will demand time, resources, and political capital, but the<br />

future is bright. n


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SAUDI ARABIA EDITION<br />

SPOTLIGHT<br />

<strong>Cyprus</strong><br />

Real Estate<br />

The <strong>Cyprus</strong> real estate <strong>in</strong>dustry has proven its resilience<br />

with 2022 so far exhibit<strong>in</strong>g dynamic momentum <strong>in</strong> the<br />

sector underl<strong>in</strong><strong>in</strong>g strong confidence of both Cypriot<br />

and foreign property buyers. First quarter sales reached<br />

€1.3 billion, with coastal bus<strong>in</strong>ess hub Limassol and<br />

capital city Nicosia tak<strong>in</strong>g the lion’s share of contracts.


DOING BUSINESS C YPRUS<br />

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SAUDI ARABIA EDITION<br />

C<br />

yprus has long been a firm favourite for property buyers worldwide thanks to its<br />

high quality of life, safe environment and Mediterranean climate. In addition, the<br />

country’s EU membership, its thriv<strong>in</strong>g <strong>in</strong>ternational bus<strong>in</strong>ess centre and strategic<br />

position at the crossroads of three cont<strong>in</strong>ents rema<strong>in</strong> key pull-factors for residential<br />

buyers, relocat<strong>in</strong>g companies and <strong>in</strong>vestors alike.<br />

Property sales have bounced back post-pandemic and have rema<strong>in</strong>ed strong <strong>in</strong> the<br />

last year. In the second quarter of 2022 real estate sales <strong>in</strong> <strong>Cyprus</strong> rose year on year by a<br />

robust 29.3%. This was slower than the 51.6% recorded <strong>in</strong> the first quarter and analysts<br />

say this is likely related to the end of lend<strong>in</strong>g subsidies for first-time buyers. In terms of<br />

absolute volume, the largest <strong>in</strong>crease <strong>in</strong> sales was <strong>in</strong> Limassol, where sales rose by 293<br />

to 1,130, mark<strong>in</strong>g a year-on-year <strong>in</strong>crease of 35%. However, the fastest pace of growth<br />

was <strong>in</strong> Paphos, where sales rose by 229 or 54.1% to 652.<br />

Sales to Cypriots cont<strong>in</strong>ue to dom<strong>in</strong>ate, account<strong>in</strong>g for 58.5% of the total <strong>in</strong> the<br />

second quarter of 2022 and 58% on average <strong>in</strong> the first half of 2022. This was lower<br />

than <strong>in</strong> 2020-21, when sales to Cypriots averaged 65%. However, the years 2021-22<br />

were somewhat unusual given pandemic-related travel restrictions. In 2018-19 the<br />

proportion of sales to Cypriots was 55%, therefore closer to the average <strong>in</strong> the first half<br />

of 2022. Sales to Cypriots are driven both by the abovementioned subsidies but also<br />

growth <strong>in</strong> population size. Accord<strong>in</strong>g to the latest Labour Force Survey the number of<br />

private households rose year on year by 1.4% <strong>in</strong> the first quarter of 2022 to 347,650.<br />

REAL ESTATE SALES BY REGION<br />

Contracts of sale unless otherwise <strong>in</strong>dicated<br />

2021 Q2 2021 Q3 2021 Q4 2022 Q1 2022 Q2<br />

Nicosia 690 632 856 673 705<br />

% change year on year 118.4 4.8 37.8 4.2 2.2<br />

Limassol 837 825 1,118 1,019 1,130<br />

% change year on year 116.8 17.9 32.2 82.3 35.0<br />

Larnaca 396 422 541 512 610<br />

% change year on year 106.3 26.0 35.9 62.5 54.0<br />

Famagusta 170 181 211 152 157<br />

% change year on year 80.9 14.6 8.8 16.9 -7.6<br />

Paphos 423 442 618 653 652<br />

% change year on year 44.4 17.6 32.9 94.9 54.1<br />

All <strong>Cyprus</strong> 2,516 2,502 3,344 3,009 3,254<br />

% change year on year 96.4 15.2 32.5 51.6 29.3<br />

Source: Department of Lands and Surveys. © Sapienta Economics Ltd.


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CYPRIOT AND NON-CYPRIOT PROPERTY SALES<br />

Number of contracts 2021 Q2 2021 Q3 2021 Q4 2022 Q1 2022 Q2<br />

Cypriot contracts 1,663 1,602 1,992 1,732 1,903<br />

EU contracts 421 459 696 628 625<br />

Non-EU contracts 432 441 656 649 726<br />

Total contracts 2,516 2,502 3,344 3,009 3,254<br />

% change over same period of previous year<br />

Cypriot contracts 117.7 10.9 20.1 23.8 14.4<br />

EU contracts 182.6 35.8 89.6 141.5 48.5<br />

Non-EU contracts 17.4 13.1 31.5 99.1 68.1<br />

Total contracts 96.4 15.2 32.5 51.6 29.3<br />

Source: Department of Lands and Surveys. © Sapienta Economics Ltd.<br />

PROPERTY PRICE INDICATORS SHOW INCREASE IN PRICES<br />

G<br />

iven the strength of sales, it is not surpris<strong>in</strong>g that the various <strong>in</strong>dices for<br />

residential property prices po<strong>in</strong>t to ris<strong>in</strong>g property prices, even though the<br />

degree of <strong>in</strong>crease differs depend<strong>in</strong>g on the <strong>in</strong>dex. The Central Bank of <strong>Cyprus</strong> <strong>in</strong>dex,<br />

which is based on a large sample of valuations, reports a year-on-year <strong>in</strong>crease <strong>in</strong><br />

prices of 3.2% <strong>in</strong> the first quarter of 2022, compared with 2.6% <strong>in</strong> the fourth quarter<br />

of 2021. This is the fastest pace of growth s<strong>in</strong>ce 2008 accord<strong>in</strong>g to the Central Bank<br />

<strong>in</strong>dex.<br />

The <strong>in</strong>dex prepared by the Statistical Service, Cystat, which is based on a smaller<br />

sample of actual sales, reports an <strong>in</strong>crease <strong>in</strong> prices of 1.1% <strong>in</strong> the first quarter of 2022,<br />

compared with a fairly sharp decl<strong>in</strong>e of 5.1% <strong>in</strong> the previous quarter. Accord<strong>in</strong>g to the<br />

Central Bank <strong>in</strong>dex, apartment prices are clearly ris<strong>in</strong>g faster than those of houses,<br />

ris<strong>in</strong>g by 6.8% compared with an <strong>in</strong>crease of 1.5% for houses <strong>in</strong> the first quarter. This<br />

probably also underl<strong>in</strong>es the importance of the local residential market <strong>in</strong> property<br />

purchases, especially after the withdrawal of the <strong>Cyprus</strong> Investment Programme <strong>in</strong><br />

2020.<br />

However, the Central Bank <strong>in</strong>dex shows a fairly large discrepancy by district. While<br />

apartment prices <strong>in</strong> Paphos rose by 4.0%, thanks to the abovementioned strength<br />

of sales, apartment prices <strong>in</strong> Nicosia actually decl<strong>in</strong>ed by 0.2%. Nicosia was the only<br />

district that saw a decl<strong>in</strong>e <strong>in</strong> apartment prices accord<strong>in</strong>g to this <strong>in</strong>dex.


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SAUDI ARABIA EDITION<br />

All residential property<br />

PROPERTY PRICE INDICATORS<br />

% change over the same period of the previous year<br />

2021 Q1 2021 Q2 2021 Q3 2021 Q4 2022 Q1<br />

Cystat<br />

(hedonic, based on actual sales) -5.8 -4.8 2.5 -5.2 1.1<br />

Central Bank of <strong>Cyprus</strong><br />

(hedonic, based on valuations) 0.9 0.3 1.2 2.6 3.2<br />

Houses<br />

Central Bank of <strong>Cyprus</strong><br />

(hedonic, based on valuations) 0.2 -1.0 -0.3 1.0 1.5<br />

WiRE FS residential houses<br />

(proprietary methodology) 1.5 1.7 0.1 -0.5 n/a<br />

Apartments<br />

Central Bank of <strong>Cyprus</strong><br />

(hedonic, based on valuations) 2.5 3.3 4.5 6.3 6.8<br />

WiRE FS residential apartments<br />

(proprietary methodology) 0.5 0.3 0.7 2.2 n/a<br />

Other<br />

WiRE FS holiday houses<br />

(proprietary methodology) -3.2 -3.8 -4.3 -3.7 n/a<br />

Land Registry: average unit<br />

value of parcel transfers (a) -20.5 -3.9 -21.6 17.9 31.2<br />

(a) Parcels may vary <strong>in</strong> size; Sapienta Economics calculations.<br />

Sources: Cystat; Central Bank of <strong>Cyprus</strong>; WireFS; Department of Lands and Surveys. © Sapienta Economics Ltd.


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PROPERTY-PRICE INDICES<br />

CYPRUS PROPERTY-PRICE INDICES<br />

There are three regular property-price<br />

<strong>in</strong>dices produced <strong>in</strong> <strong>Cyprus</strong> and one which<br />

Sapienta calculates from parcel transfers.<br />

u The Cystat <strong>in</strong>dex is hedonic (adjusted for changes <strong>in</strong><br />

quality) and is based on actual sales. The Cystat <strong>in</strong>dex does<br />

not give a breakdown by region or by property type.<br />

u The Central Bank of <strong>Cyprus</strong> <strong>in</strong>dex is also hedonic but is based on bank<br />

valuations, as opposed to current sales, although recent sales are also<br />

considered <strong>in</strong> valuations. The Central Bank of <strong>Cyprus</strong> <strong>in</strong>dex gives a<br />

breakdown by region and by property type (apartments and houses).<br />

u The WiRE FS <strong>in</strong>dex, which is a fairly new <strong>in</strong>dex largely based on<br />

actual sales prices but also adjusted to consider “th<strong>in</strong> trad<strong>in</strong>g<br />

and an <strong>in</strong>herent lag <strong>in</strong> price record<strong>in</strong>g” <strong>in</strong> <strong>Cyprus</strong>. It gives a<br />

breakdown by region and property type, <strong>in</strong>clud<strong>in</strong>g commercial<br />

property (retail, warehouses and offices). It also dist<strong>in</strong>guishes<br />

between residential and holiday houses/apartments.<br />

u Sapienta Economics also uses data from the Department of Lands<br />

and Surveys (Land Registry) to calculate the average price per unit<br />

of parcel transfers. This is not a market price, as it will <strong>in</strong>clude, for<br />

example, debt-for-property swaps by banks, and parcels may also<br />

vary <strong>in</strong> size. However, it can be an <strong>in</strong>dicator of forced acquisitions.<br />

The three public <strong>in</strong>dices give different results because of their different<br />

focus. Out of the three the Central Bank probably lags the most, as<br />

property valuations tend to be made on the basis of sales <strong>in</strong> the previous<br />

period. However, it has the advantage of be<strong>in</strong>g based on a larger data set<br />

than the Cystat <strong>in</strong>dex, especially <strong>in</strong> periods when sales are stagnant.


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DOING BUSINESS C YPRUS<br />

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SAUDI ARABIA EDITION<br />

PROPERTY<br />

SHOWCASE<br />

Lead<strong>in</strong>g<br />

Developments<br />

<strong>in</strong> <strong>Cyprus</strong><br />

LARNACA<br />

Blue Sky Villas<br />

Perivolia,<br />

Larnaca<br />

Type: Luxury Villas<br />

Price: Upon Request<br />

Developer: Quality Group<br />

Contact: (+357) 24 821 855<br />

<strong>in</strong>fo@qualitydevelopments.com<br />

qualitygroupcyprus.com<br />

Watch: Property Video<br />

Download: Brochure


DOING BUSINESS C YPRUS<br />

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SAUDI ARABIA EDITION<br />

PROPERTY SHOWCASE: Lead<strong>in</strong>g Developments <strong>in</strong> <strong>Cyprus</strong><br />

LARNACA<br />

Habitat Residences<br />

Mall Area,<br />

Larnaca<br />

Type: 1,2,3 bedroom apartments<br />

Price: Upon Request<br />

Developer: Quality Group<br />

Contact: (+357) 24 821 855<br />

<strong>in</strong>fo@qualitydevelopments.com<br />

qualitygroupcyprus.com<br />

Watch: Property Video<br />

Download: Brochure<br />

LIMASSOL<br />

Trilogy Limassol Seafront<br />

Limassol<br />

Type: 1 to 5-bedroom<br />

apartments and penthouses<br />

Price: €510,000 - €10,500,000<br />

Developer: Cybarco<br />

Development Ltd<br />

Contact: (+357) 25 362 800<br />

<strong>in</strong>fo@trilogylimassol.com<br />

Trilogylimassol.com<br />

Watch: Property Video<br />

Download: Brochure<br />

PAPHOS<br />

Akamas Bay Villas<br />

Latchi,<br />

Paphos<br />

Type: 3 and 4-bedroom<br />

beachfront villas<br />

Price: €1,390,000 - €3,000,000<br />

Developer: Cybarco<br />

Development Ltd<br />

Contact: (+357) 25 820 511<br />

<strong>in</strong>fo@cybarco.com<br />

Akamasbay.com<br />

Watch: Property Video<br />

Download: Brochure


DOING BUSINESS C YPRUS<br />

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SAUDI ARABIA EDITION<br />

PROPERTY SHOWCASE: Lead<strong>in</strong>g Developments <strong>in</strong> <strong>Cyprus</strong><br />

PAPHOS<br />

Cap St Georges Hotel & Resort<br />

Akamas,<br />

Paphos<br />

Type: Villas, 3, 4, 5 and<br />

6-bedroom villas<br />

Price: From €1,800,000 +<br />

Developer: Korant<strong>in</strong>a Homes<br />

<strong>in</strong>fo@korant<strong>in</strong>ahomes.com<br />

www.korant<strong>in</strong>ahomes.com<br />

PAPHOS<br />

SOHO Resort<br />

Tourist Area,<br />

Paphos<br />

Type: Apartments on<br />

15-floor tower and Villas<br />

Price: €1,200,000 – 6,000,000<br />

Developer: Korant<strong>in</strong>a Homes<br />

<strong>in</strong>fo@korant<strong>in</strong>ahomes.com<br />

www.korant<strong>in</strong>ahomes.com<br />

PAPHOS<br />

Topos Residence – Alto Design<br />

M<strong>in</strong>this,<br />

Paphos<br />

Type: 2-bedroom suites and<br />

duplexes, 3-bedroom villas,<br />

3, 4 and 5+ bedroom residences<br />

Price: From €783,000<br />

Developer: Pafilia<br />

Property Developers<br />

Contact: (+357) 26 848 800<br />

<strong>in</strong>fo@pafilia.com<br />

www.m<strong>in</strong>thisresort.com<br />

Watch: Property Video<br />

Watch: Resort Video


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SAUDI ARABIA EDITION<br />

INSIGHT<br />

CEO, Invest <strong>Cyprus</strong><br />

George Campanellas


DOING BUSINESS C YPRUS<br />

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SAUDI ARABIA EDITION<br />

<strong>Cyprus</strong> and <strong>Saudi</strong> Arabia have been foster<strong>in</strong>g<br />

a closer relationship <strong>in</strong> the last few years both<br />

economically and politically. In terms of <strong>in</strong>vestment,<br />

what k<strong>in</strong>d of activity has <strong>Cyprus</strong> attracted from<br />

<strong>Saudi</strong> Arabia and what type of <strong>Saudi</strong> foreign direct<br />

<strong>in</strong>vestment would you like to see <strong>in</strong> the future?<br />

Invest <strong>Cyprus</strong> is committed to strengthen<strong>in</strong>g the economic and bus<strong>in</strong>ess ties<br />

between <strong>Cyprus</strong> and <strong>Saudi</strong> Arabia. Across every level of the Cypriot government,<br />

<strong>Saudi</strong> Arabia is recognised as a reliable ally contribut<strong>in</strong>g to the preservation of<br />

stability <strong>in</strong> the region. The Arabian Pen<strong>in</strong>sula was always a strategic and economic<br />

po<strong>in</strong>t of reference for <strong>Cyprus</strong>, and it is hoped that cooperation will be expanded and<br />

enhanced.<br />

As a result of its proximity, <strong>Cyprus</strong> is an ideal EU dest<strong>in</strong>ation for bus<strong>in</strong>ess owners<br />

look<strong>in</strong>g to relocate their bus<strong>in</strong>esses or establish a base <strong>in</strong> an EU jurisdiction. Of<br />

particular importance are <strong>Cyprus</strong>’ attractive tax system (<strong>Saudi</strong> Arabia and <strong>Cyprus</strong><br />

have a double tax treaty s<strong>in</strong>ce 2019), the high-level professional services, the low cost<br />

of liv<strong>in</strong>g compared to other European states with similar characteristics, but also<br />

the regulatory changes and <strong>in</strong>centives <strong>in</strong>tegrated <strong>in</strong>to the government’s strategy for<br />

attract<strong>in</strong>g <strong>in</strong>ternational companies.<br />

<strong>Cyprus</strong> can be a close, strategic and<br />

I<strong>Cyprus</strong> can be a close, strategic<br />

reliable partner for the development of<br />

the <strong>Saudi</strong> Arabia Vision 2030 aimed at and reliable partner for the<br />

diversify<strong>in</strong>g the <strong>in</strong>vestment model of<br />

development of the <strong>Saudi</strong><br />

<strong>Saudi</strong> Arabia. It is anticipated that there<br />

will be significant <strong>in</strong>vestments <strong>in</strong> the Arabia Vision 2030 aimed at<br />

com<strong>in</strong>g years <strong>in</strong> <strong>Saudi</strong> Arabia, <strong>in</strong>clud<strong>in</strong>g<br />

diversify<strong>in</strong>g the <strong>in</strong>vestment<br />

<strong>in</strong>frastructure projects, which create<br />

vast prospects for bilateral cooperation. model of <strong>Saudi</strong> Arabia<br />

Additionally, <strong>Cyprus</strong> offers excellent<br />

<strong>in</strong>vestment opportunities <strong>in</strong> <strong>in</strong>dustries like renewable energy, tourism and hospitality,<br />

manufactur<strong>in</strong>g, digital technology, healthcare and green development. It is worth<br />

mention<strong>in</strong>g that Arabsat, a global leader <strong>in</strong> satellite services, has already <strong>in</strong>vested<br />

heavily <strong>in</strong> <strong>Cyprus</strong> through Hellas Sat. Also, the East Med Corridor (EMC) is another<br />

important milestone for the relations of the two countries. The EMC is a new submar<strong>in</strong>e<br />

and terrestrial cable data transmission system connect<strong>in</strong>g Europe with Asia via Greece<br />

and <strong>Saudi</strong> Arabia and is necessary for the global economy. The consortium comprises<br />

of MENA HUB, Telecommunication Telephony Satellite Applications (TTSA, Greece),<br />

Public Power Corporation (PPC, Greece) and Cyta (<strong>Cyprus</strong>). n


DOING BUSINESS C YPRUS<br />

58<br />

SAUDI ARABIA EDITION<br />

INCENTIVES<br />

New Government<br />

Action Plan<br />

<strong>Cyprus</strong> has launched a new action plan to attract foreign bus<strong>in</strong>esses<br />

to establish or expand their activities on the island. <strong>Cyprus</strong> already<br />

provides many competitive advantages, but this new set of <strong>in</strong>centives<br />

is geared to ramp up <strong>in</strong>terest for companies to set up headquarters<br />

<strong>in</strong> the country. The plan has taken <strong>in</strong>to account the best practices<br />

from other European countries, with emphasis on doma<strong>in</strong>s related<br />

to technology, shipp<strong>in</strong>g, <strong>in</strong>novation, research and development,<br />

biogenetics and biotechnology, without exclud<strong>in</strong>g any other<br />

companies that choose <strong>Cyprus</strong> as their place of bus<strong>in</strong>ess. The new<br />

strategy which aims to promote foreign <strong>in</strong>vestment and stimulate<br />

economic activity was implemented on January 1, 2022.<br />

The Presidential Palace<br />

THE BUSINESS FACILITATION UNIT<br />

The previous Fast Track <strong>Bus<strong>in</strong>ess</strong> Activation mechanism for companies of foreign<br />

<strong>in</strong>terest has been transformed <strong>in</strong>to a <strong>Bus<strong>in</strong>ess</strong> Facilitation Unit for foreign<br />

companies operat<strong>in</strong>g <strong>in</strong> <strong>Cyprus</strong> or for foreign companies that wish to expand their<br />

operations <strong>in</strong> the country. The new Unit is responsible for the various services required<br />

for the establishment of corporate entities:<br />

• new company name approval and registration<br />

• registration with Social Insurance and VAT authorities,<br />

and with Income Tax authorities<br />

• guidance <strong>in</strong> relation to the establishment, licens<strong>in</strong>g and operations of companies<br />

• issuance and renewal of residence and employment<br />

permits for staff employed by foreign companies


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SAUDI ARABIA EDITION<br />

RESIDENCE AND EMPLOYMENT PERMITS TO HIGHLY SKILLED<br />

THIRD-COUNTRY NATIONALS AND SUPPORTING STAFF<br />

The government has revised the policy for the employment of highly skilled<br />

personnel from third countries employed by companies of foreign <strong>in</strong>terests, as well<br />

as for those employed by Cypriot companies which give added value to the economy<br />

and the local workforce.<br />

ELIGIBLE COMPANIES:<br />

• companies operat<strong>in</strong>g <strong>in</strong> <strong>Cyprus</strong> and are of foreign <strong>in</strong>terest/<br />

sharehold<strong>in</strong>g and ma<strong>in</strong>ta<strong>in</strong> fully fledged offices<br />

• <strong>Cyprus</strong> shipp<strong>in</strong>g companies<br />

• <strong>Cyprus</strong> companies <strong>in</strong>volved <strong>in</strong> <strong>in</strong>novation and technology<br />

• <strong>Cyprus</strong> pharmaceutical companies or companies that<br />

operate <strong>in</strong> the fields of biogenetics or biotechnology<br />

ELIGIBLE COMPANIES CAN EMPLOY HIGHLY SKILLED THIRD COUNTRY<br />

NATIONALS IN KEY POSITIONS IF THE FOLLOWING CRITERIA IS MET:<br />

• a m<strong>in</strong>imum monthly gross salary of €2,500<br />

• candidate must hold a university degree or equivalent, or<br />

have a m<strong>in</strong>imum 2 years’ relevant experience<br />

• m<strong>in</strong>imum two-year contract<br />

• work permits will be issued with<strong>in</strong> a one-month<br />

period and will be valid for three years<br />

• a work permit can also be granted to the spouse of the eligible<br />

<strong>in</strong>dividual that obta<strong>in</strong>s a visa with this scheme<br />

There is a maximum number of third country nationals that may be employed under<br />

this policy. Only 70% of the total number of all employees may be employed under it<br />

<strong>in</strong> a period of five years from the date of<br />

jo<strong>in</strong><strong>in</strong>g the <strong>Bus<strong>in</strong>ess</strong> Facilitation Unit.<br />

Wargam<strong>in</strong>g Headquarters, Nicosia<br />

In case five years have passed and it is<br />

not possible to employ 30% of Cypriot<br />

workers, it will be re-exam<strong>in</strong>ed on a caseby-case<br />

basis.<br />

Eligible companies will also be allowed<br />

to employ third-country nationals as<br />

support staff with a gross monthly salary<br />

less than €2,500. The employment of<br />

third-country nationals as support staff<br />

is allowed, provided that it does not<br />

exceed 30% of the total support staff and<br />

provided that the third country nationals<br />

and the employers have entered <strong>in</strong>to an<br />

employment contract approved by the<br />

relevant authority <strong>in</strong> accordance with<br />

the applicable law. The amount of their<br />

salary is to be determ<strong>in</strong>ed by the current<br />

legislation.


DOING BUSINESS C YPRUS<br />

60<br />

SAUDI ARABIA EDITION<br />

CASE STUDY<br />

THREE-STEP<br />

COMPANY<br />

REGISTRATION<br />

Company registration <strong>in</strong> <strong>Cyprus</strong> is simple and<br />

efficient. This is an example of the required<br />

steps for a simple and straightforward set up <strong>in</strong><br />

<strong>Cyprus</strong> for a small or medium sized company.<br />

THREE EASY STEPS:<br />

1REGISTRATION OF THE COMPANY<br />

Registration must be done at the Department of Registrar of Companies<br />

and Intellectual Property. It is advised to seek professional advice and<br />

once your lawyer has filed for registration, it can be expedited and<br />

completed <strong>in</strong> one (1) bus<strong>in</strong>ess day. The adm<strong>in</strong>istrative cost is €395, lawyer’s<br />

or adm<strong>in</strong>istrative service provider’s fees not <strong>in</strong>cluded.<br />

2SUBMIT A ‘LETTER OF INTENT’<br />

A ‘Letter of Intent’ must be submitted along with the supportive<br />

documents required through email to the <strong>Bus<strong>in</strong>ess</strong> Facilitation Unit<br />

(BFU) to register the company as Company with Foreign Interests.<br />

This takes no more than seven (7) bus<strong>in</strong>ess days.<br />

3BOOK AN APPOINTMENT<br />

F<strong>in</strong>ally, you must book an appo<strong>in</strong>tment to register the company’s<br />

employees with the Civil Registry & Migration Department (CRMD).<br />

Only 3-5 employees per appo<strong>in</strong>tment, adm<strong>in</strong>istrative cost is<br />

€330 per employee, lawyer’s or adm<strong>in</strong>istrative service provider’s fees not<br />

<strong>in</strong>cluded. Once you book an appo<strong>in</strong>tment, the licence of the employee for<br />

temporary residence and employment takes 40 days to be issued.<br />

• Simply visit the book<strong>in</strong>g website. Select a convenient language<br />

option and choose: Town (Nicosia)→ Third-country nationals→<br />

Companies registered at the <strong>Bus<strong>in</strong>ess</strong> Facilitation Unit and select a date.<br />

• Regard<strong>in</strong>g the stipulations for ‘Employ<strong>in</strong>g Third-Country<br />

Nationals’ please visit this webpage of the CRMD’s website and have a<br />

look at the documents and fees.


DOING BUSINESS C YPRUS<br />

61<br />

SAUDI ARABIA EDITION<br />

FAMILY REUNIFICATION RIGHTS<br />

Family reunification rights are granted to third-country nationals employed by this<br />

revised policy and regulated by the <strong>Bus<strong>in</strong>ess</strong> Facilitation Unit. Direct and free access<br />

to the labour market as paid employees is granted to spouses of the third-country<br />

nationals who have obta<strong>in</strong>ed a residence and work permit <strong>in</strong> <strong>Cyprus</strong>, through this<br />

revised policy and who receive a m<strong>in</strong>imum gross monthly salary of €2,500. This right<br />

does not extend to support<strong>in</strong>g staff who receive a monthly salary of less than €2,500.<br />

SIMPLIFICATION OF GRANTING WORK PERMITS UNDER CATEGORY E<br />

The action plan provides for the simplification and acceleration of the process of<br />

grant<strong>in</strong>g immigration and work permits under Category E – Long-Term Resident Status<br />

to persons who have been offered permanent employment and whose employment<br />

does not create undue local competition.<br />

DIGITAL NOMAD VISA<br />

Significantly the new Action Plan provides for the <strong>in</strong>troduction and the issu<strong>in</strong>g of Digital<br />

Nomad Visas with a maximum <strong>in</strong>itial limit of 100 beneficiaries.<br />

WHO IS ELIGIBLE:<br />

Third-country nationals who are either self-employed or are employees who work<br />

remotely us<strong>in</strong>g <strong>in</strong>formation and communication technologies to communicate with<br />

their clients or employers who must be outside <strong>Cyprus</strong>.<br />

WHAT RIGHTS DO YOU GET:<br />

• right to stay <strong>in</strong> the country for up to one year, with the<br />

right to renew their visas for another two years<br />

• can be accompanied by family members, to whom a residence permit is granted<br />

upon request, which will expire at the same time as that of the ma<strong>in</strong> applicant<br />

• dur<strong>in</strong>g their stay <strong>in</strong> <strong>Cyprus</strong>, the spouse or partner and the m<strong>in</strong>or<br />

members of the ma<strong>in</strong> applicant’s family are not allowed to<br />

engage <strong>in</strong> any k<strong>in</strong>d of economic activity <strong>in</strong> the country<br />

WHAT ARE THE CONDITIONS:<br />

• must show evidence of sufficient resources at a fixed <strong>in</strong>come level of a<br />

m<strong>in</strong>imum €3,500/month to cover liv<strong>in</strong>g expenses dur<strong>in</strong>g their stay without<br />

burden<strong>in</strong>g the national and welfare system (the amount is <strong>in</strong>creased by 20%<br />

<strong>in</strong> case they have a wife/husband/partner and another 10% per child)<br />

• must have <strong>in</strong>surance coverage and a clean crim<strong>in</strong>al record<br />

• the aforementioned prerequisites are <strong>in</strong>dicative and<br />

additional requirements are applicable<br />

In the event that the holders of Digital Nomad Visas reside <strong>in</strong> the Republic for one or more<br />

periods that <strong>in</strong> total exceed 183 days with<strong>in</strong> the same tax year, then they are considered<br />

tax residents of <strong>Cyprus</strong> provided they are not tax residents <strong>in</strong> any other state.


DOING BUSINESS C YPRUS<br />

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SAUDI ARABIA EDITION<br />

NEW TAX INCENTIVES<br />

The new Action Plan also <strong>in</strong>cludes the <strong>in</strong>troduction of new tax benefits and tax<br />

breaks which were submitted to the House of Representatives <strong>in</strong> 2021.<br />

NEW INCENTIVES:<br />

• a 50% tax exemption to be granted to new residents/employees who<br />

receive an annual <strong>in</strong>come from their employment of €55,000<br />

• extension of the tax exemption applicable to eligible employees <strong>in</strong><br />

<strong>Cyprus</strong> who have an <strong>in</strong>come below €100,000 from 10 years to 17<br />

years provided they were not domiciled <strong>in</strong> the Republic for a period<br />

of 17 years prior to the commencement of their employment<br />

• beneficiaries of this tax benefit with an <strong>in</strong>come of €55,000-€100,000 should be<br />

entitled to benefit from this exemption for the rema<strong>in</strong><strong>in</strong>g period of the 17 years<br />

• extension of the 50% tax exemption for <strong>in</strong>vestment <strong>in</strong> certified <strong>in</strong>novative<br />

companies to corporate <strong>in</strong>vestors. The regime that was <strong>in</strong> force until the<br />

end of June 2021 allowed the tax exemption only to natural persons<br />

• a 120% capital allowance on expenses that relate to R&D<br />

View from 360, Cyfield<br />

NATURALISATION<br />

The government has <strong>in</strong>troduced the right to submit an application for naturalisation<br />

after five years of residency and employment <strong>in</strong> <strong>Cyprus</strong> <strong>in</strong>stead of the former sevenyear<br />

rule or a further reduction to four years if the potential applicants meet the<br />

criteria of hold<strong>in</strong>g a recognised certificate of very good knowledge of the Greek<br />

language. n


FLAVOURS<br />

OF<br />

<strong>Cyprus</strong><br />

ts@meci.gov.cy<br />

www.meci.gov.cy


DOING BUSINESS C YPRUS<br />

64<br />

SAUDI ARABIA EDITION<br />

INTERVIEW<br />

<strong>Cyprus</strong>-<strong>Saudi</strong> Arabia <strong>Bus<strong>in</strong>ess</strong><br />

Association President<br />

Demos<br />

Anastassiou<br />

<strong>Saudi</strong> companies and <strong>in</strong>vestors can benefit<br />

significantly from <strong>Cyprus</strong>’ strong bus<strong>in</strong>ess ecosystem,<br />

and there are many bus<strong>in</strong>ess opportunities <strong>in</strong> both<br />

<strong>Cyprus</strong> and <strong>in</strong> <strong>Saudi</strong> Arabia for companies to build on<br />

to strengthen cooperation, says Demos Anastassiou.


DOING BUSINESS C YPRUS<br />

65<br />

SAUDI ARABIA EDITION<br />

How would you describe the current trade<br />

relations between <strong>Cyprus</strong> and <strong>Saudi</strong> Arabia?<br />

The trade relationship between <strong>Cyprus</strong> and <strong>Saudi</strong> Arabia dates back decades. S<strong>in</strong>ce<br />

the 1970s and until very recently a lot of Cypriots emigrated to <strong>Saudi</strong> to work<br />

<strong>in</strong> construction but also <strong>in</strong> other sectors <strong>in</strong> <strong>Saudi</strong> Arabia, so traditionally there are<br />

strong and friendly ties with the K<strong>in</strong>gdom.<br />

There is great potential <strong>in</strong> the trade relationship between <strong>Cyprus</strong> and <strong>Saudi</strong> Arabia<br />

which is enhanced by the strengthen<strong>in</strong>g of the diplomatic relations between the two<br />

countries. The open<strong>in</strong>g of the <strong>Cyprus</strong> Embassy <strong>in</strong> Riyadh <strong>in</strong> 2015 and the open<strong>in</strong>g of<br />

<strong>Saudi</strong> Arabia’s Embassy <strong>in</strong> <strong>Cyprus</strong> <strong>in</strong> 2018 cemented the new era <strong>in</strong> these relations.<br />

In terms of products traded between the two countries, around half of <strong>Cyprus</strong>’<br />

exports to <strong>Saudi</strong> are dairy produce and animal products. Other exports <strong>in</strong>clude<br />

pharmaceutical products, boilers and mach<strong>in</strong>ery, animal food, agricultural products<br />

and others. Most of our imports from <strong>Saudi</strong> <strong>in</strong>clude m<strong>in</strong>eral fuels and m<strong>in</strong>eral oils,<br />

organic chemicals, plastic and others.<br />

What advantages does <strong>Cyprus</strong> offer specifically<br />

to <strong>Saudi</strong> companies and <strong>in</strong>vestors?<br />

S<br />

audi companies and <strong>in</strong>vestors can benefit significantly from <strong>Cyprus</strong>’ strong<br />

bus<strong>in</strong>ess ecosystem, from full access to the European S<strong>in</strong>gle Market and to more<br />

than 40 EU Trade Agreements.<br />

<strong>Cyprus</strong>’ legal system is reliable and predictable. It is based on English Common Law<br />

and is <strong>in</strong> full compliance with EU and International Laws and regulations. There is<br />

also strong protection of Investment and Intellectual Property.<br />

<strong>Saudi</strong> bus<strong>in</strong>esses will also benefit from a well-educated, multil<strong>in</strong>gual, highly skilled<br />

local talent and professionals with <strong>in</strong>ternational bus<strong>in</strong>ess experience. In addition,<br />

<strong>Saudi</strong> bus<strong>in</strong>esses can also relocate to <strong>Cyprus</strong>, travel to anywhere <strong>in</strong> the EU without<br />

the need of a visa or from any third country through a quick and simplified process by<br />

utilis<strong>in</strong>g the new government’s <strong>in</strong>centives for Third Country Nationals.<br />

Furthermore, there is a wide network of high calibre accountants, lawyers, and<br />

other professionals to support the <strong>Saudi</strong> bus<strong>in</strong>esses which will set up <strong>in</strong> <strong>Cyprus</strong>. At<br />

the same time, <strong>Cyprus</strong> ma<strong>in</strong>ta<strong>in</strong>s a low cost of do<strong>in</strong>g bus<strong>in</strong>ess compared to other EU<br />

dest<strong>in</strong>ations <strong>in</strong> terms of labour cost, office rentals, company set up, operational, fil<strong>in</strong>g<br />

and other costs.<br />

<strong>Saudi</strong> bus<strong>in</strong>esses can benefit from an attractive and transparent tax regime with a<br />

12.5% corporate tax rate, one of the lowest <strong>in</strong> EU, and can utilise the Double Tax Treaty<br />

with <strong>Saudi</strong> Arabia which came <strong>in</strong>to effect on 1 st of January 2020.<br />

Equally important is <strong>Cyprus</strong>’ high quality of life <strong>in</strong> a safe and friendly <strong>in</strong>ternational<br />

environment, a strong and first-rate education system and schools, which makes<br />

<strong>Cyprus</strong> an attractive dest<strong>in</strong>ation to relocate.


DOING BUSINESS C YPRUS<br />

66<br />

SAUDI ARABIA EDITION<br />

What new prospects and opportunities could<br />

be cultivated to facilitate more bus<strong>in</strong>ess<br />

between <strong>Cyprus</strong> and <strong>Saudi</strong> Arabia?<br />

T<br />

here are many bus<strong>in</strong>ess opportunities across various sectors, both <strong>in</strong> <strong>Cyprus</strong> and<br />

<strong>in</strong> <strong>Saudi</strong> Arabia, for companies to build on. Indicatively I would like to highlight the<br />

follow<strong>in</strong>g sectors.<br />

In the construction sector companies <strong>in</strong> <strong>Cyprus</strong> have both the technological<br />

knowledge and capabilities to take on a big range of construction projects <strong>in</strong> <strong>Saudi</strong><br />

Arabia.<br />

In terms of headquarter<strong>in</strong>g, follow<strong>in</strong>g Brexit and the approval of the Fast Track<br />

<strong>Bus<strong>in</strong>ess</strong> Activation mechanism by the Cypriot Council of M<strong>in</strong>isters <strong>in</strong> September<br />

2020, <strong>Cyprus</strong> is now an attractive dest<strong>in</strong>ation for the establishment of bus<strong>in</strong>ess<br />

entities from <strong>Saudi</strong> Arabia which have activities <strong>in</strong> the European Union. In addition,<br />

<strong>Cyprus</strong>’ modern and favourable legal environment make it an ideal location for the<br />

establishment of <strong>in</strong>vestment funds from <strong>Saudi</strong> Arabia.<br />

<strong>Cyprus</strong> is an <strong>in</strong>ternational player <strong>in</strong> shipp<strong>in</strong>g and ship management hav<strong>in</strong>g one<br />

of the most competitive and high-quality flags and at the same time offer<strong>in</strong>g firstrate<br />

ship management services. Given the high export activity of <strong>Saudi</strong> Companies<br />

such as Aramco Trad<strong>in</strong>g <strong>in</strong> the Mediterranean, <strong>Cyprus</strong> could also potentially offer oil<br />

product storage, mixture and ‘ship-to-ship’ transfers, especially given its strategic<br />

geographic location and its already exist<strong>in</strong>g <strong>in</strong>frastructure.<br />

Start-up companies from <strong>Saudi</strong> Arabia could make use of <strong>Cyprus</strong>’ beneficial<br />

corporate and <strong>in</strong>vestment environment, its membership to the EU as well as the<br />

good relationships <strong>Cyprus</strong> has with neighbour<strong>in</strong>g countries, while Cypriot start-up<br />

companies could benefit from <strong>Saudi</strong>’s <strong>in</strong>vestment appetite for new technologies and<br />

<strong>in</strong>novations.<br />

Our country is a comprehensive travel dest<strong>in</strong>ation encompass<strong>in</strong>g modern<br />

<strong>in</strong>frastructure and an advanced tourism and hospitality sector. Given the K<strong>in</strong>gdom’s<br />

focus on the development of the tourist <strong>in</strong>dustry <strong>in</strong> <strong>Saudi</strong> and the proximity with<br />

<strong>Cyprus</strong>, we see great cooperation opportunities for companies <strong>in</strong> this sector.<br />

In the education sector, form<strong>in</strong>g connections between universities <strong>in</strong> <strong>Cyprus</strong> and<br />

<strong>Saudi</strong> Arabia that would enable collaboration <strong>in</strong> both teach<strong>in</strong>g and research would<br />

give these universities the opportunity to be more competitive <strong>in</strong>ternationally.<br />

Moreover, through such a collaboration, <strong>Saudi</strong> Arabian universities would become<br />

eligible for both EU fund<strong>in</strong>g and participation <strong>in</strong> European Programmes. These<br />

<strong>in</strong>stitutions could also organise conferences and symposiums together.<br />

In terms of foreign direct <strong>in</strong>vestment, there are worthwhile opportunities to<br />

<strong>in</strong>vest <strong>in</strong> university <strong>in</strong>stitutions, hotel establishments, hospitals and cl<strong>in</strong>ics, banks,<br />

renewable energy projects as well as ports and mar<strong>in</strong>as. And as for the <strong>Cyprus</strong> Stock<br />

Exchange (CSE) and given the <strong>in</strong>terest that the <strong>Saudi</strong> Arabian Stock Exchange receives<br />

from <strong>in</strong>ternational <strong>in</strong>vestors, we consider that double list<strong>in</strong>g important companies <strong>in</strong><br />

both our stock exchanges would be beneficial. This would facilitate foreign <strong>in</strong>vestor<br />

transactions to <strong>Saudi</strong> Arabian companies that are referred from a European Exchange.


DOING BUSINESS C YPRUS<br />

67<br />

SAUDI ARABIA EDITION<br />

How does the <strong>Cyprus</strong>-<strong>Saudi</strong> Arabia <strong>Bus<strong>in</strong>ess</strong><br />

Association support and foster bus<strong>in</strong>ess<br />

l<strong>in</strong>ks between the two countries?<br />

T<br />

he <strong>Cyprus</strong>–<strong>Saudi</strong> Arabia <strong>Bus<strong>in</strong>ess</strong> Association was established <strong>in</strong> September<br />

2020 and operates under the auspices of the <strong>Cyprus</strong> Chamber of Commerce<br />

and Industry. In that respect it is work<strong>in</strong>g very closely with the Federation of <strong>Saudi</strong><br />

Chambers of Commerce (FSCC), the Riyadh Chamber of Commerce and the Jeddah<br />

Chamber of Commerce to act as a bridge between the two bus<strong>in</strong>ess communities and to<br />

facilitate companies from both countries to explore opportunities both <strong>in</strong> <strong>Saudi</strong> and <strong>in</strong><br />

<strong>Cyprus</strong>. The cooperation with the <strong>Saudi</strong> Chambers was formalised via the cooperation<br />

agreement that was signed with the FSCC on June 7, 2022 to form the <strong>Saudi</strong>–<strong>Cyprus</strong><br />

<strong>Bus<strong>in</strong>ess</strong> Council which will comprise of members from both bus<strong>in</strong>ess communities.<br />

One of the ma<strong>in</strong> tools we use to foster and support the bus<strong>in</strong>ess l<strong>in</strong>ks between the<br />

two countries is the organisation of bus<strong>in</strong>ess delegations. These delegations act as<br />

a platform for bus<strong>in</strong>esses from both countries to meet and explore opportunities of<br />

mutual <strong>in</strong>terest. We organised our first bus<strong>in</strong>ess delegation to Riyadh and Jeddah at the<br />

beg<strong>in</strong>n<strong>in</strong>g of June this year and we are discuss<strong>in</strong>g with the FSCC to organise a similar<br />

bus<strong>in</strong>ess delegation from <strong>Saudi</strong> to <strong>Cyprus</strong> <strong>in</strong> the near future.<br />

Furthermore, the <strong>Cyprus</strong>–<strong>Saudi</strong> Arabia <strong>Bus<strong>in</strong>ess</strong> Association works very closely<br />

with all m<strong>in</strong>istries and especially the Embassy of <strong>Saudi</strong> Arabia <strong>in</strong> Nicosia and the<br />

Embassy of <strong>Cyprus</strong> <strong>in</strong> Riyadh to promote local bus<strong>in</strong>esses and projects and to create<br />

a solid foundation to build susta<strong>in</strong>able trade relations between the two countries.<br />

To that effect, our Association’s agenda <strong>in</strong>cludes, amongst other th<strong>in</strong>gs, to work<br />

closely with all stakeholders to establish direct flights between the two countries, to<br />

streaml<strong>in</strong>e the visa issu<strong>in</strong>g process for <strong>Saudi</strong> nationals when visit<strong>in</strong>g <strong>Cyprus</strong>, and to<br />

establish a Bilateral Investment Protection Treaty. n


DOING BUSINESS C YPRUS<br />

68<br />

SAUDI ARABIA EDITION<br />

BUSINESS OPERATING ENVIRONMENT<br />

DOING<br />

BUSINESS<br />

INCYPRUS<br />

€<br />

<strong>Cyprus</strong>’ bus<strong>in</strong>ess-friendly <strong>in</strong>frastructure and cando<br />

attitude has brought it worldwide recognition<br />

as an <strong>in</strong>ternational bus<strong>in</strong>ess centre. The country<br />

offers a w<strong>in</strong>n<strong>in</strong>g package for both <strong>in</strong>ternational<br />

entrepreneurs and <strong>in</strong>vestors with its sophisticated<br />

bus<strong>in</strong>ess environment, highly skilled workforce<br />

and cost-effective, yet high quality of life.


DOING BUSINESS C YPRUS<br />

69<br />

SAUDI ARABIA EDITION<br />

BUSINESS CULTURE<br />

Respect, hospitality and personal trust are the cornerstones of the Cypriot bus<strong>in</strong>ess<br />

environment. An island nation with a long history of deal<strong>in</strong>g with foreign traders<br />

and bus<strong>in</strong>esses, Cypriot bus<strong>in</strong>esspeople are <strong>in</strong>ternational <strong>in</strong> their outlook and astute<br />

and knowledgeable <strong>in</strong> their negotiations. Punctuality is expected, bus<strong>in</strong>ess dress is<br />

formal for both men and women, especially at the beg<strong>in</strong>n<strong>in</strong>g of a bus<strong>in</strong>ess relationship,<br />

and even <strong>in</strong> warm weather. Most Cypriots prefer face-to-face meet<strong>in</strong>gs to telephone<br />

conferences or written communications, which are regarded as too impersonal, and<br />

place great importance on build<strong>in</strong>g personal relationships with bus<strong>in</strong>ess partners or<br />

connections. Trust is the key to successful bus<strong>in</strong>ess deal<strong>in</strong>gs <strong>in</strong> <strong>Cyprus</strong>.<br />

LANGUAGE<br />

Greek and Turkish are the official languages of <strong>Cyprus</strong>. However, English, the<br />

legacy of the British who ruled <strong>Cyprus</strong> from 1878 to 1960, is widely spoken and is<br />

the language of bus<strong>in</strong>ess. Many Cypriots also speak French, German or Russian.<br />

BUSINESS HOURS<br />

Office hours are generally 8.30am to 1.00pm and 2.00pm to 5.30pm, Monday to<br />

Friday. Although <strong>in</strong> summer some offices take a longer lunch break or f<strong>in</strong>ish early.<br />

Nicosia


DOING BUSINESS C YPRUS<br />

70<br />

SAUDI ARABIA EDITION<br />

BUSINESS COSTS<br />

An EU base with<strong>in</strong> the eurozone, <strong>Cyprus</strong> rema<strong>in</strong>s one of the few <strong>in</strong>ternational<br />

bus<strong>in</strong>ess centres offer<strong>in</strong>g low operational costs and a high standard of liv<strong>in</strong>g.<br />

Office space and residential property <strong>in</strong> Nicosia, the capital and major bus<strong>in</strong>ess<br />

centre, is relatively <strong>in</strong>expensive when compared to other European capitals.<br />

In terms of cost of liv<strong>in</strong>g, <strong>Cyprus</strong> rema<strong>in</strong>s one of the most advantageous places to<br />

live, with cost of liv<strong>in</strong>g lower than <strong>in</strong> most Western European countries. At the same<br />

time, residents of <strong>Cyprus</strong> enjoy a high standard of liv<strong>in</strong>g and exceptional quality of<br />

life, as the balmy climate and low crime rate offer both comfort and peace of m<strong>in</strong>d.<br />

<strong>Bus<strong>in</strong>ess</strong> Costs <strong>Cyprus</strong> EU27 Average<br />

Labour (bus<strong>in</strong>ess sector) €18.30 €29.10<br />

Communications (services & equipment)* 109 100<br />

Electricity (households) €0.2204/kWh €0.2369/kWh<br />

Electricity (non-households) €0.1946/kWh €0.1445/kWh<br />

* EU average is set to equal 100<br />

Source: Eurostat (2021)<br />

Limassol Mar<strong>in</strong>a<br />

COMMERCIAL AND RESIDENTIAL PROPERTY<br />

<strong>Cyprus</strong> offers a full range of properties for both commercial and residential use<br />

situated <strong>in</strong> key locations across the island. While the exclusive, top-level market<br />

is currently the most sought after, the island has a good stock of properties available,<br />

from townhouses and apartments, to villas and seaside bungalows <strong>in</strong> five-star gated<br />

developments. Nicosia and Limassol are the ma<strong>in</strong> bus<strong>in</strong>ess centres. Office space<br />

is available <strong>in</strong> purpose-built office blocks, <strong>in</strong> converted houses or flats. A number of<br />

bus<strong>in</strong>ess centres also offer ready-to-move-<strong>in</strong>to offices. They usually <strong>in</strong>clude fully<br />

equipped offices that are available on demand with flexible terms, meet<strong>in</strong>g rooms<br />

and a receptionist service. Overall, rentals are around two-thirds of those charged<br />

for comparable commercial spaces <strong>in</strong> cont<strong>in</strong>ental Europe, and offices, retail or other<br />

commercial space is widely available for purchase or for rent.


DOING BUSINESS C YPRUS<br />

71<br />

SAUDI ARABIA EDITION<br />

300<br />

200<br />

COMPARISON OF ESTIMATED AVERAGE RENT LEVELS<br />

FOR FLATS, 2021 (BRUSSELS = 100)<br />

European<br />

Union<br />

Europe<br />

(others)<br />

100<br />

0<br />

225<br />

216<br />

199<br />

199<br />

197<br />

171<br />

134<br />

128<br />

122<br />

122<br />

119<br />

109<br />

104<br />

100<br />

99<br />

99<br />

Dubl<strong>in</strong><br />

Copenhagen<br />

Paris<br />

Luxembourg<br />

Stockholm<br />

Hels<strong>in</strong>ki<br />

Berl<strong>in</strong><br />

The Hague<br />

Madrid<br />

Vienna<br />

Lisbon<br />

Rome<br />

Vilnius<br />

Brussels<br />

Valletta<br />

Ljubljana<br />

Budapest<br />

Tall<strong>in</strong>n<br />

Athens<br />

Prague<br />

Zagreb<br />

Riga<br />

Bratislava<br />

Warsaw<br />

Bucharest<br />

Nicosia<br />

Sofia<br />

London<br />

Geneva<br />

Rejkjavik<br />

Oslo<br />

Podgorica<br />

98<br />

98<br />

98<br />

96<br />

94<br />

84<br />

81<br />

74<br />

71<br />

64<br />

46<br />

278<br />

227<br />

188<br />

178<br />

54<br />

Note: Rents <strong>in</strong> currencies other than the Euro were converted accord<strong>in</strong>g to the exchange rate as of 1 July 2021.<br />

Source: Eurostat<br />

OFFICE SPACE<br />

In terms of office rental and sales prices, Limassol cont<strong>in</strong>ues to be the most expensive<br />

region followed by Nicosia, Larnaca, Paphos and Famagusta respectively.<br />

OFFICE SALE AND RENTAL PRICES PER CITY (2022)<br />

Sale Prices (per m 2 ) Rental Prices (per m 2 )<br />

Famagusta €1,300-€1,500 €6-€10<br />

Larnaca €1,800-€2,500 €8-€10<br />

LImassol €4,500-€6,500 €20-€40<br />

Nicosia €3,500-€4,500 €12-€22<br />

Paphos €1,400-€2,000 €7-€10<br />

Source: Danos International Property Consultants<br />

HUMAN RESOURCES<br />

Well-tra<strong>in</strong>ed and versatile, the Cypriot workforce is one of the island’s most<br />

valuable resources, offer<strong>in</strong>g high standards of productivity, technical expertise<br />

and professional excellence at reasonable costs to bus<strong>in</strong>esses.<br />

Accord<strong>in</strong>g to the Statistical Service <strong>in</strong> <strong>Cyprus</strong>, the country records the most higher<br />

education graduates per capita (age 30-34) <strong>in</strong> the European Union.<br />

The Cypriot labour force amounted to 482,385 persons or 65.1% of the population<br />

(males 71.2%, females 59.5%) <strong>in</strong> the Q2 of 2022. The biggest percentage of employed<br />

persons was <strong>in</strong> services (80.7%), followed by manufactur<strong>in</strong>g (16.8%) and agriculture<br />

(2.5%).


DOING BUSINESS C YPRUS<br />

72<br />

SAUDI ARABIA EDITION<br />

SALARY SURVEY 2022 Source: GRS Recruitment<br />

JOB TITLE LOW (€) MID (€) HIGH (€)<br />

Management CEO 60,000 100,000 150,000<br />

Executive Director 60,000 100,000 140,000<br />

CFO 65,000 80,000 120,000<br />

Account<strong>in</strong>g & F<strong>in</strong>ance F<strong>in</strong>ancial Controller 55,000 60,000 75,000<br />

F<strong>in</strong>ance Manager / Senior Accountant 40,000 55,000 65,000<br />

Accountant / Auditor (Qualified) 34,000 38,000 45,000<br />

Accountant / Auditor (Part Qualified or QBE) 24,000 30,000 36,000<br />

Account Assistant 16,000 22,000 25,000<br />

HR Department Head of HR / Group of HRM 55,000 80,000 120,000<br />

HR Manager 40,000 50,000 60,000<br />

HR Executive 18,000 21,000 24,000<br />

Legal Deparment Head of Legal / Group Legal Head 60,000 90,000 130,000<br />

Legal Advisor (Qualified Lawyer) 24,000 39,000 54,000<br />

Legal Assistant / Paralegal / None Qualified Lawyer 18,000 20,000 24,000<br />

Compliance, Anti-Money Head of Compliance 50,000 64,000 72,000<br />

Launder<strong>in</strong>g (AML), Counter - Compliance / AML / CTF / Manager 42,000 46,000 52,000<br />

Terrorist F<strong>in</strong>anc<strong>in</strong>g (CTF) Compliance / AML / CTF / Officer 26,000 32,000 40,000<br />

Deal<strong>in</strong>g Room Chief Dealer 45,000 52,000 60,000<br />

Dealer 24,000 33,000 45,000<br />

Junior Dealer 18,000 20,000 22,000<br />

IT Development Head of IT / CTO 60,000 80,000 140,000<br />

IT Manager / Development Manager 50,000 60,000 80,000<br />

Quality Assurance (QA) / Tester 26,000 36,000 46,000<br />

IT Technician 20,000 24,000 36,000<br />

Developer* 28,000 42,000 60,000<br />

Market<strong>in</strong>g Department Head of Market<strong>in</strong>g 42,000 50,000 72,000<br />

Market<strong>in</strong>g Officer 24,000 30,000 36,000<br />

Digital Market<strong>in</strong>g Specialist (Social, PPC / SEO) 26,000 34,000 42,000<br />

Market<strong>in</strong>g Executive 18,000 22,000 24,000<br />

Graphic Designer 24,000 30,000 36,000<br />

Content Writer 24,000 32,000 40,000<br />

Sales Department Head of Sales 42,000 60,000 75,000<br />

FX Sales* 20,000 24,000 30,000<br />

Sales Executive (Industries other than FX / F<strong>in</strong>tech) 18,000 22,000 26,000<br />

Adm<strong>in</strong>istration Office Manager / PA / EA 18,000 28,000 39,000<br />

Adm<strong>in</strong>istator / Receptionist 17,000 20,000 24,000<br />

Corporate Adm<strong>in</strong>istrator 20,000 28,000 36,000


DOING BUSINESS C YPRUS<br />

73<br />

SAUDI ARABIA EDITION<br />

Taxation<br />

<strong>Cyprus</strong> offers one of the most attractive tax regimes<br />

<strong>in</strong> Europe. A member of the European Union s<strong>in</strong>ce<br />

2004, <strong>Cyprus</strong>’ regulatory regime is <strong>in</strong> full compliance<br />

with the requirements of the EU and OECD. <strong>Cyprus</strong> has<br />

one of the lowest EU corporate tax rates at 12.5%. The<br />

island’s advantageous tax rate coupled with an extensive<br />

list of double tax treaties places it high on the list of<br />

preferred jurisdictions for <strong>in</strong>ternational tax planners.<br />

CORPORATION TAX<br />

The Corporation Tax Rate <strong>in</strong> <strong>Cyprus</strong> is 12.5%.<br />

BASIS OF TAXATION<br />

All companies that are tax residents of <strong>Cyprus</strong> are taxed on their <strong>in</strong>come accrued or<br />

derived from all sources <strong>in</strong> <strong>Cyprus</strong> and abroad. A non-<strong>Cyprus</strong> tax resident company<br />

is taxed on <strong>in</strong>come accrued or derived from a bus<strong>in</strong>ess activity which is carried out<br />

through a permanent establishment <strong>in</strong> <strong>Cyprus</strong> and on certa<strong>in</strong> <strong>in</strong>come aris<strong>in</strong>g from<br />

sources <strong>in</strong> <strong>Cyprus</strong>. A company is considered tax resident of <strong>Cyprus</strong> if it is managed and<br />

controlled from <strong>Cyprus</strong>.<br />

Trilogy, Limassol


DOING BUSINESS C YPRUS<br />

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SAUDI ARABIA EDITION<br />

SPECIAL TYPES OF COMPANIES<br />

SHIPPING COMPANIES<br />

The Merchant Shipp<strong>in</strong>g Legislation, fully approved by the EU, provides for an exemption<br />

from all direct taxes and taxation under tonnage tax regime. The merchant shipp<strong>in</strong>g<br />

legislation applies to qualify<strong>in</strong>g shipowners, charterers and ship managers, which<br />

are <strong>in</strong>volved with the operation of qualify<strong>in</strong>g community ships (ships under a CY flag<br />

or a flag of an EU member state or of a country <strong>in</strong> the European Economic Area) and<br />

foreign (non-community) ships (under conditions) and provided that they engage <strong>in</strong><br />

qualify<strong>in</strong>g activities. The legislation allows non community vessels to enter the tonnage<br />

tax regime provided the fleet is composed by at least 60% community vessels. If this<br />

requirement is not met, then non community vessels can still qualify if certa<strong>in</strong> criteria<br />

are met. Exemption is also given <strong>in</strong> relation to the salaries of officers and crew aboard<br />

a <strong>Cyprus</strong> ship.<br />

INSURANCE COMPANIES<br />

Profits of <strong>in</strong>surance companies are liable to corporation tax similar to all other<br />

companies except <strong>in</strong> the case where the corporation tax payable on taxable profit of life<br />

<strong>in</strong>surance bus<strong>in</strong>ess is less than 1.5% of the gross premium. In this case the difference is<br />

paid as additional corporation tax.<br />

ADMINISTRATION AND COMPLIANCE<br />

The tax year is the calendar year. The accounts of a company may be closed on a date<br />

different from 31 st of December, <strong>in</strong> which case taxable profits are apportioned on a time<br />

basis relevant to the tax years.<br />

CONSOLIDATED RETURNS<br />

Taxation on a consolidated basis is not permitted and each company is required to<br />

submit a separate standalone tax return. A set-off of group losses is possible provided<br />

there is a 75% parent subsidiary relationship, <strong>in</strong>clud<strong>in</strong>g subsidiaries under 75% control<br />

of a common parent company. Group loss relief is available only between resident<br />

companies (and EU-based companies/companies with which <strong>Cyprus</strong> has concluded a<br />

double tax treaty, provided that they have exhausted all options to utilise the losses <strong>in</strong><br />

their country of residence).<br />

FILING REQUIREMENTS<br />

Corporate tax returns must be filed electronically by the 31 st of March of the year follow<strong>in</strong>g<br />

the year under consideration (i.e. 15 months from the year-end). Companies are required<br />

to pay provisional tax <strong>in</strong> two equal <strong>in</strong>stalments by 31 st of July and 31 st of December of the<br />

year under consideration. Any underpayment is due to be settled via self-assessment by<br />

1 st of August of the follow<strong>in</strong>g year. If the <strong>in</strong>come declared for the payment of the provisional<br />

tax is lower than 75% of the actual <strong>in</strong>come as f<strong>in</strong>ally determ<strong>in</strong>ed, an additional tax equal<br />

to 10% of the difference between the f<strong>in</strong>al and provisional tax is payable.


DOING BUSINESS C YPRUS<br />

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SAUDI ARABIA EDITION<br />

PERSONAL INCOME TAX<br />

BASIS OF TAXATION<br />

All <strong>Cyprus</strong> tax residents are taxed <strong>in</strong> <strong>Cyprus</strong> on all <strong>in</strong>come accrued or derived from<br />

all sources <strong>in</strong> <strong>Cyprus</strong> and abroad such as employment <strong>in</strong>come, rental <strong>in</strong>come etc. (i.e.<br />

worldwide <strong>in</strong>come).<br />

Individuals who are not tax residents of <strong>Cyprus</strong> are taxed on <strong>in</strong>come accrued or<br />

derived from sources <strong>in</strong> <strong>Cyprus</strong>.<br />

An <strong>in</strong>dividual is tax resident <strong>in</strong> <strong>Cyprus</strong> if one of the follow<strong>in</strong>g conditions are met:<br />

• he/she spends physically <strong>in</strong> <strong>Cyprus</strong> over 183 days dur<strong>in</strong>g the relevant tax year, or<br />

• he/she does not rema<strong>in</strong> <strong>in</strong> any other state for one or more periods which altogether<br />

exceed 183 days <strong>in</strong> the same tax year and he/she is not tax resident <strong>in</strong> any other<br />

state for the same tax year and all the follow<strong>in</strong>g conditions are cumulatively met:<br />

• he/she should rema<strong>in</strong> <strong>in</strong> <strong>Cyprus</strong> for at least 60 days dur<strong>in</strong>g the tax year<br />

• he/she should pursue any bus<strong>in</strong>ess <strong>in</strong> <strong>Cyprus</strong> and/or to work <strong>in</strong> <strong>Cyprus</strong> and/or to<br />

be a director <strong>in</strong> a company tax resident <strong>in</strong> <strong>Cyprus</strong> at any time dur<strong>in</strong>g the tax year<br />

• he/she should ma<strong>in</strong>ta<strong>in</strong> a permanent residence <strong>in</strong> <strong>Cyprus</strong>,<br />

which can be either owned or rented by him/her<br />

The personal <strong>in</strong>come tax rates that apply to <strong>in</strong>dividuals are as follows:<br />

Taxable Income TaxRate (%) Tax (€) Accumulated Tax (€)<br />

0-19,500 0 0 0<br />

19,501- 28,000 20 1,700 1,700<br />

28,001-36,300 25 2,075 3,775<br />

36,301-60,000 30 7,110 10,885<br />

60,001 and over 35


DOING BUSINESS C YPRUS<br />

76<br />

SAUDI ARABIA EDITION<br />

TAX INCENTIVES FOR EXPATRIATE EMPLOYEES TAKING UP EMPLOYMENT IN CYPRUS:<br />

The <strong>in</strong>dividuals who were non-Cypriot tax residents prior to the commencement of<br />

their employment, but become Cypriot tax residents afterwards, are eligible for a 50%<br />

exemption from <strong>in</strong>come tax if all the follow<strong>in</strong>g conditions are met:<br />

• their remuneration from the employment exercised<br />

<strong>in</strong> <strong>Cyprus</strong> is over €55,000 per annum; and<br />

• they were not tax residents of <strong>Cyprus</strong> for 10 consecutive years<br />

prior to the commencement of their employment; and<br />

• the exemption is available from 1 January 2022, it is granted from the first<br />

year of employment and it can be enjoyed for a period of 17 years<br />

• <strong>in</strong>dividuals with annual remuneration below €55,000 who were non-Cypriot<br />

tax residents <strong>in</strong> the 3 years preced<strong>in</strong>g their employment, are eligible for a 20%<br />

exemption from <strong>in</strong>come tax (maximum exempt amount is €8,550 per year)<br />

The exemption is available from the 1 st of January follow<strong>in</strong>g the year of commencement<br />

of the employment and can be enjoyed for a period of 7 years.<br />

It is important to note that the above provisions were recently <strong>in</strong>troduced (published<br />

<strong>in</strong> the Official Gazette of the Republic on 26/07/2022 ) as amendments to the previous<br />

rules that were applicable until the publication date. The amended provisions also<br />

<strong>in</strong>clude certa<strong>in</strong> transitional provisions that may enable the <strong>in</strong>dividuals that claimed<br />

the exemptions based on the previous rules to enjoy the exemptions based on the<br />

provisions <strong>in</strong>cluded <strong>in</strong> the new rules. Furthermore, the <strong>in</strong>dividuals that do not fall with<strong>in</strong><br />

the transitional provisions, are eligible to cont<strong>in</strong>ue claim<strong>in</strong>g the exemption based on the<br />

previous rules for the rema<strong>in</strong><strong>in</strong>g years, without be<strong>in</strong>g affected by the new rules.


DOING BUSINESS C YPRUS<br />

77<br />

SAUDI ARABIA EDITION<br />

SUBMISSION OF TAX RETURNS<br />

The tax year is the calendar year. Tax on employment <strong>in</strong>come is withheld by the<br />

employer under the PAYE system and remitted to the tax authorities.<br />

Self-employed <strong>in</strong>dividuals pay tax through the provisional and self-assessment<br />

systems. Tax returns must be filed electronically by 31 st of July follow<strong>in</strong>g the tax year for<br />

employees, 30 th of September for self-employed persons who are not required to file<br />

audited/reviewed f<strong>in</strong>ancial statements and 31 st of March of the year follow<strong>in</strong>g the year<br />

under consideration (i.e. 15 months from the year-end) for self-employed persons whose<br />

returns are accompanied by audited/reviewed f<strong>in</strong>ancial statements. Sole proprietors with<br />

an annual turnover of more than €70,000 are obliged to prepare f<strong>in</strong>ancial statements<br />

that are either audited or are subject to a review by a statutory auditor (<strong>in</strong> case their<br />

net turnover does not exceed the amount of €200,000 and the total value of the assets<br />

without deduct<strong>in</strong>g liabilities does not exceed the amount of €500,000).<br />

Limassol Seafront<br />

VALUE ADDED TAX (VAT)<br />

Imposition of Value Added Tax (VAT) is imposed on the supply of all goods and services<br />

<strong>in</strong> <strong>Cyprus</strong>, on the acquisition of goods from other Member States and on the importation<br />

of goods from third countries. The standard rate of 19% applies to the supplies of all<br />

goods and services <strong>in</strong> <strong>Cyprus</strong> which are not subject to the zero rate, the reduced rates<br />

(5% and 9%) or are not exempt. <strong>Cyprus</strong> constitutes an attractive EU VAT jurisdiction<br />

apply<strong>in</strong>g several options permissible by the EU Directive among others a flexible VAT<br />

Group<strong>in</strong>g. As long as the pre-requisite l<strong>in</strong>ks are satisfied, and governmental revenues<br />

are not put <strong>in</strong>to jeopardy, related entities can form a VAT group disregard<strong>in</strong>g <strong>in</strong>tragroup<br />

transactions and hav<strong>in</strong>g a representative member submitt<strong>in</strong>g a s<strong>in</strong>gle VAT<br />

return. Even such entities not <strong>in</strong>corporated <strong>in</strong> <strong>Cyprus</strong> can form a VAT Group <strong>in</strong> case<br />

they are tax resident or possess<strong>in</strong>g an establishment <strong>in</strong> <strong>Cyprus</strong>.<br />

SPECIAL CONTRIBUTION FOR DEFENCE<br />

Special contribution for defence (SDC) is imposed on the dividend, <strong>in</strong>terest and rental<br />

<strong>in</strong>come earned by Cypriot tax resident and domiciled <strong>in</strong>dividuals. Non-domiciled<br />

Cypriot tax residents are exempt from SDC.


DOING BUSINESS C YPRUS<br />

78<br />

SAUDI ARABIA EDITION<br />

KEY FEATURES OF THE CYPRUS TAX SYSTEM<br />

Simple, transparent and EU harmonised tax system<br />

follow<strong>in</strong>g recommended OECD practices.<br />

Enjoys the tax benefits of EU Directives (Parent – Subsidiary Directive,<br />

Merger Directive and Interest and Royalties Directive).<br />

Extensive Tax Treaty network with 67 countries.<br />

A corporate <strong>in</strong>come tax rate of 12.5%, one of the lowest with<strong>in</strong> the<br />

EU with possibility to enjoy a much lower effective tax rate.<br />

Availability of a Notional Interest Deduction for companies<br />

receiv<strong>in</strong>g new equity fund<strong>in</strong>g. The tax deduction can reach up to<br />

80% of the taxable <strong>in</strong>come generated by the new equity.<br />

IP Box regime based on the nexus approach which allows 80% deemed<br />

deduction on qualify<strong>in</strong>g profits from the bus<strong>in</strong>ess use of qualify<strong>in</strong>g IP.<br />

Increased deduction of 20% on the actual expenditure <strong>in</strong>curred for scientific<br />

research as well as research and development, subject to conditions.<br />

Attractive Tonnage Tax (TT) regime for ship owners, managers and charterers.<br />

Attractive tax jurisdiction for funds and attractive tax regime for fund managers.<br />

Capital ga<strong>in</strong>s are exempt from tax (except for capital ga<strong>in</strong>s aris<strong>in</strong>g<br />

from the disposal of immovable property located <strong>in</strong> <strong>Cyprus</strong>).<br />

Profits of a foreign Permanent Establishment exempt from tax.<br />

Ga<strong>in</strong>s from trad<strong>in</strong>g <strong>in</strong> securities (shares, bonds and certa<strong>in</strong><br />

other f<strong>in</strong>ancial <strong>in</strong>struments) are exempt from tax.<br />

Unilateral credit relief for foreign taxes.<br />

No withhold<strong>in</strong>g tax on dividend, <strong>in</strong>terest or royalty payments<br />

(for use of royalties outside of <strong>Cyprus</strong>) made abroad.<br />

No taxes on entry and on qualify<strong>in</strong>g reorganisations.<br />

Carry forward of tax losses for five years.<br />

Tax <strong>in</strong>centives for expatriate employees tak<strong>in</strong>g up<br />

employment <strong>in</strong> <strong>Cyprus</strong> (20%/50% exemption).<br />

Dividend <strong>in</strong>come and <strong>in</strong>terest <strong>in</strong>come are exempt from SDC for<br />

non-domiciled <strong>in</strong>dividuals tak<strong>in</strong>g up tax residency <strong>in</strong> <strong>Cyprus</strong>.<br />

Possibility to obta<strong>in</strong> <strong>Cyprus</strong> tax residency by spend<strong>in</strong>g<br />

only 60-days <strong>in</strong> <strong>Cyprus</strong> (subject to conditions).<br />

No <strong>in</strong>heritance tax.<br />

No immovable property tax.


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SAUDI ARABIA EDITION<br />

WHO’S<br />

WHO<br />

CYPRUS BUSINESS DIRECTORY<br />

The def<strong>in</strong>itive guide<br />

to <strong>Cyprus</strong>’ lead<strong>in</strong>g<br />

companies, executives<br />

and professional advisers.


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SAUDI ARABIA EDITION<br />

ACCOUNTING & AUDITING<br />

A. Zemenides & Co Ltd..................................................................................................................................... 83<br />

Baker Tilly South East Europe...................................................................................................................... 83<br />

Deloitte <strong>Cyprus</strong>.................................................................................................................................................... 83<br />

Demetriou & Associates <strong>Bus<strong>in</strong>ess</strong> Advisers Ltd (DBA).................................................................... 83<br />

Joannides + Co Ltd..............................................................................................................................................84<br />

KPMG........................................................................................................................................................................84<br />

PwC <strong>Cyprus</strong>............................................................................................................................................................84<br />

ServPro Accountants & Consultants........................................................................................................84<br />

ASSOCIATIONS<br />

Association of <strong>Cyprus</strong> Banks........................................................................................................................ 85<br />

<strong>Cyprus</strong> Cannabis Association (CYCA)....................................................................................................... 85<br />

<strong>Cyprus</strong> Chamber of Commerce and Industry..................................................................................... 85<br />

<strong>Cyprus</strong> Fiduciary Association...................................................................................................................... 85<br />

<strong>Cyprus</strong> Healthcare Tourism (CHT).............................................................................................................86<br />

<strong>Cyprus</strong> Hotel Association...............................................................................................................................86<br />

<strong>Cyprus</strong> International <strong>Bus<strong>in</strong>ess</strong> Association (CIBA)..........................................................................86<br />

<strong>Cyprus</strong> Investment Funds Association (CIFA).....................................................................................86<br />

<strong>Cyprus</strong> Shipp<strong>in</strong>g Chamber............................................................................................................................ 87<br />

<strong>Cyprus</strong> Union of Shipowners (CUS).......................................................................................................... 87<br />

Insurance Association of <strong>Cyprus</strong>............................................................................................................... 87<br />

Society of Trust and Estate Practitioners (STEP) ............................................................................... 87<br />

The <strong>Cyprus</strong> Employers & Industrialists Federation (OEB)............................................................88<br />

The <strong>Cyprus</strong> Tech Association.......................................................................................................................88<br />

The Institute of Certified Public Accountants of <strong>Cyprus</strong> (ICPAC)..............................................88<br />

BANKING<br />

Bank of <strong>Cyprus</strong> PLC............................................................................................................................................88<br />

cdbbank (The <strong>Cyprus</strong> Development Bank Public Company Ltd)................................................89<br />

Eurobank <strong>Cyprus</strong> Ltd........................................................................................................................................89<br />

Societe Generale Bank – <strong>Cyprus</strong>................................................................................................................89<br />

CONSULTING<br />

e-CNHC – E-C Natural Hydrocarbons Company Ltd.......................................................................89<br />

PIVOT Consultants (<strong>Cyprus</strong>) Limited........................................................................................................90


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81<br />

SAUDI ARABIA EDITION<br />

CORPORATE SERVICES<br />

Alter Domus (<strong>Cyprus</strong>) Ltd...............................................................................................................................90<br />

Andersen.................................................................................................................................................................90<br />

Aspen Trust Group.............................................................................................................................................90<br />

ATG Corporate Services....................................................................................................................................91<br />

Executive <strong>Bus<strong>in</strong>ess</strong> Constultants Ltd........................................................................................................91<br />

GFSC Global............................................................................................................................................................91<br />

KENDRIS (<strong>Cyprus</strong>) Limited.............................................................................................................................91<br />

Pagecorp Group................................................................................................................................................... 92<br />

Sovereign Group – <strong>Cyprus</strong>............................................................................................................................. 92<br />

Trident Trust Company (<strong>Cyprus</strong>) Limited.............................................................................................. 92<br />

Vistra (<strong>Cyprus</strong>) Ltd.............................................................................................................................................. 92<br />

ECONOMIC ANALYSIS<br />

Sapienta Economics Ltd.................................................................................................................................. 93<br />

ENERGY<br />

<strong>Cyprus</strong> Hydrocarbons Company (CHC)................................................................................................... 93<br />

EXECUTIVE EDUCATION<br />

European Institute of Management and F<strong>in</strong>ance (EIMF).............................................................. 93<br />

FINANCIAL ADVISORY<br />

MAP S.Platis Group............................................................................................................................................ 93<br />

FUND ADMINISTRATION<br />

ATG Fund Services............................................................................................................................................. 94<br />

FUND MANAGEMENT<br />

Inveqo Fund Management Ltd..................................................................................................................... 94<br />

IXI Investments................................................................................................................................................... 94<br />

Leon MFO Investments Ltd............................................................................................................................ 94<br />

Wealth Fund Services Ltd............................................................................................................................... 95<br />

INVESTMENT PROMOTION<br />

Invest <strong>Cyprus</strong>........................................................................................................................................................ 95


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SAUDI ARABIA EDITION<br />

INVESTMENT SERVICES<br />

W<strong>in</strong>dsor Brokers Ltd......................................................................................................................................... 95<br />

LAW FIRMS<br />

A.G. Paphitis & Co LLC....................................................................................................................................... 95<br />

Agni Livera LLC.................................................................................................................................................... 96<br />

Andreas Th.Sofokleous LLC........................................................................................................................... 96<br />

Antonis Paschalides & Co LLC...................................................................................................................... 96<br />

Areti Charidemou & Associates LLC......................................................................................................... 96<br />

E. Tzioni & Associates LLC...............................................................................................................................97<br />

Elias Neocleous & Co LLC.................................................................................................................................97<br />

George Z. Georgiou & Associates LLC.......................................................................................................97<br />

L Papaphilippou & Co LLC................................................................................................................................97<br />

N. Xenofontos LLC Law Firm.........................................................................................................................98<br />

Patrikios Pavlou & Associates LLC.............................................................................................................98<br />

Pourgoura & Aspri LLC.....................................................................................................................................98<br />

Stelios Americanos & Co LLC........................................................................................................................98<br />

NON PROFIT<br />

<strong>Cyprus</strong> Seeds......................................................................................................................................................... 99<br />

REAL ESTATE<br />

Cybarco Development Ltd.............................................................................................................................. 99<br />

Korant<strong>in</strong>a Homes............................................................................................................................................... 99<br />

Pafilia Property Developers Ltd................................................................................................................... 99<br />

Quality Group.....................................................................................................................................................100<br />

Trilogy Limassol Seafront ...........................................................................................................................100<br />

RECRUITMENT<br />

CareerF<strong>in</strong>ders Recruitment Services Limited..................................................................................100<br />

GRS Recruitment .............................................................................................................................................100<br />

RESEARCH INSTITUTION<br />

The <strong>Cyprus</strong> Institute ........................................................................................................................................101<br />

WEB DEVELOPMENT<br />

Ideaseven Digital...............................................................................................................................................101


DOING BUSINESS C YPRUS<br />

83<br />

SAUDI ARABIA EDITION<br />

ACCOUNTING & AUDITING<br />

AFXENTIS ZEMENIDES<br />

MANAGING DIRECTOR<br />

A. ZEMENIDES & CO LTD<br />

A.ZEMENIDES & CO LTD is a boutique firm of auditors, accountants,<br />

tax consultants and bus<strong>in</strong>ess advisors based <strong>in</strong> Limassol, <strong>Cyprus</strong>.<br />

We aim to provide excellent service <strong>in</strong> a professional manner and<br />

of the highest standards to our clients, both local and <strong>in</strong>ternational.<br />

We aim to act as one-stop-shop for our clients provid<strong>in</strong>g them a<br />

full range of services. The boutique nature of our firm ensures that<br />

the clients enjoy personalized attention. Through our participation<br />

<strong>in</strong> the <strong>in</strong>ternational network of associates IR GLOBAL we provide<br />

solutions to corporate and <strong>in</strong>dividual clients worldwide. Our<br />

objective is to assist our clients to achieve their goals.<br />

Omirou Street 61, Joanna Court,<br />

3rd Floor, 3091 Limassol - <strong>Cyprus</strong><br />

Contact: Afxentis Zemenides<br />

- Manag<strong>in</strong>g Director<br />

(+357) 25 745 800<br />

azemenides@zemenides.com.cy<br />

www.zemenides.com.cy<br />

ACCOUNTING & AUDITING<br />

MARIOS A. KLITOU<br />

CHIEF EXECUTIVE OFFICER<br />

BAKER TILLY SOUTH EAST EUROPE<br />

Baker Tilly South East Europe is a full-service account<strong>in</strong>g<br />

and advisory firm, that offers <strong>in</strong>dustry specialised services<br />

<strong>in</strong> assurance, tax and advisory. Every day, more than 500<br />

professionals located <strong>in</strong> 16 offices throughout South East Europe<br />

(<strong>Cyprus</strong>, Greece, Romania, Bulgaria and Moldova) share their<br />

expertise to accelerate your bus<strong>in</strong>ess growth, by operat<strong>in</strong>g under a<br />

unified structure, directed by a s<strong>in</strong>gle, central management team<br />

of 44 directors. At Baker Tilly, we are ready now, for tomorrow’s<br />

challenges. We believe <strong>in</strong> the power of great relationships, by<br />

lead<strong>in</strong>g and listen<strong>in</strong>g to great conversations. Baker Tilly South East<br />

Europe is an <strong>in</strong>dependent member of Baker Tilly International, one<br />

of the world’s lead<strong>in</strong>g networks, unit<strong>in</strong>g <strong>in</strong>dependent companies<br />

to provide top-quality professional services <strong>in</strong> both <strong>in</strong>ternational<br />

and regional markets.<br />

Corner C Hatzopoulou & 30<br />

Griva Digheni Avenue,<br />

1066 Nicosia, <strong>Cyprus</strong> P.O.Box<br />

27783, 2433 Nicosia - <strong>Cyprus</strong><br />

Contact: Marios A. Klitou -<br />

Chief Executive Officer<br />

(+357) 22 458 500<br />

<strong>in</strong>fo@bakertilly.com.cy<br />

www.bakertilly.com.cy<br />

ACCOUNTING & AUDITING<br />

PIERIS MARKOU<br />

CEO, DELOITTE CYPRUS<br />

DELOITTE CYPRUS<br />

Deloitte Limited is among the lead<strong>in</strong>g professional services firms<br />

<strong>in</strong> <strong>Cyprus</strong>, provid<strong>in</strong>g audit & assurance, consult<strong>in</strong>g, f<strong>in</strong>ancial<br />

advisory, risk advisory, tax and related services, as well as a<br />

complete range of services to <strong>in</strong>ternational bus<strong>in</strong>ess, through<br />

over 750 people <strong>in</strong> Nicosia and Limassol. Deloitte Limited, is the<br />

sub-licensed affiliate for <strong>Cyprus</strong> of Deloitte NSE LLP. As part<br />

of the Deloitte global network, with more than 345,000 people<br />

<strong>in</strong> over 150 countries and territories, Deloitte Limited has the<br />

advantage of global shar<strong>in</strong>g of knowledge with local adaptation<br />

and personal approach, built on the solid foundations of over 60<br />

years of successful operations on the island.<br />

24 Spyrou Kyprianou Avenue,<br />

CY 1075, Nicosia - <strong>Cyprus</strong><br />

Contact: Michelle Karaolides -<br />

Head of Market<strong>in</strong>g & Communications<br />

(+357) 22 360 300<br />

<strong>in</strong>fonicosia@deloitte.com<br />

www.deloitte.com/cy<br />

ACCOUNTING & AUDITING<br />

ELIAS DEMETRIOU<br />

DIRECTOR<br />

DEMETRIOU & ASSOCIATES BUSINESS ADVISERS LTD (DBA)<br />

dba was established <strong>in</strong> 2017 by a team with more than 30 years<br />

experience <strong>in</strong> the professional f<strong>in</strong>ancial services <strong>in</strong>dustry.<br />

The company provides an extensive range of services on most<br />

f<strong>in</strong>ancial matters <strong>in</strong>clud<strong>in</strong>g audit<strong>in</strong>g, account<strong>in</strong>g, taxation,<br />

f<strong>in</strong>ancial and bus<strong>in</strong>ess consult<strong>in</strong>g. We also specialise <strong>in</strong> the<br />

formation and management of companies, liquidation and<br />

dissolution of companies, the creation and adm<strong>in</strong>istration<br />

of trusts and estates, IT consult<strong>in</strong>g, and much more. dba<br />

comprises of 3 directors and more than 20 members of staff.<br />

Our commitment is to provide exceptional quality services to<br />

our clients, tailored to all their needs. dba is passionate about<br />

ideas, <strong>in</strong>novation, and always adopts a forward-look<strong>in</strong>g proactive<br />

approach. The firm is a member of DFK International, the<br />

number 6 Association <strong>in</strong> the world.<br />

1 Salam<strong>in</strong>os Avenue, 1045 Nicosia - <strong>Cyprus</strong><br />

Contact: Elias Demetriou – Director<br />

(+357) 22 799 900<br />

e.demetriou@dbacy.com<br />

www.dbacy.com


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SAUDI ARABIA EDITION<br />

ACCOUNTING & AUDITING<br />

DAVINIA JOANNIDOU<br />

DIRECTOR<br />

JOANNIDES + CO LTD<br />

Joannides + Co. Ltd is a lead<strong>in</strong>g firm of accountants and<br />

management consultants established <strong>in</strong> <strong>Cyprus</strong> for over 40<br />

years provid<strong>in</strong>g audit and assurance, taxation, bus<strong>in</strong>ess support<br />

services and management consult<strong>in</strong>g to <strong>in</strong>ternational companies<br />

and private clients. The firm has offices <strong>in</strong> Nicosia, Limassol<br />

and Larnaca offer<strong>in</strong>g its services with the utmost <strong>in</strong>tegrity,<br />

<strong>in</strong>dependence and objectivity with the aim to add significant<br />

value to its clients’ bus<strong>in</strong>ess performance. Joannides + Co. Ltd<br />

is a member of AGN International Ltd, a worldwide association<br />

of <strong>in</strong>dependent account<strong>in</strong>g and consult<strong>in</strong>g firms operat<strong>in</strong>g <strong>in</strong><br />

85 countries, is an approved tra<strong>in</strong><strong>in</strong>g centre of the professional<br />

account<strong>in</strong>g <strong>in</strong>stitutes ICAEW and ACCA and <strong>in</strong> 2010 was awarded<br />

the quality award certification from the Institute of Certified<br />

Public Accountants of <strong>Cyprus</strong>.<br />

13, Agiou Prokopiou Str. 2406<br />

Egkomi, Nicosia - <strong>Cyprus</strong><br />

P.O.Box 25411, Nicosia 1309 - <strong>Cyprus</strong><br />

Contact: Dav<strong>in</strong>ia Joannidou - Director<br />

(+357) 22 556 556<br />

cy@joannides.com.cy<br />

www.joannides.com.cy<br />

ACCOUNTING & AUDITING<br />

CHRISTOS V. VASILIOU<br />

MANAGING DIRECTOR<br />

KPMG<br />

KPMG is a global organisation of <strong>in</strong>dependent professional services<br />

firms provid<strong>in</strong>g Audit, Tax and Advisory services. KPMG operates<br />

<strong>in</strong> 144 countries and territories and has approximately 236.000<br />

people work<strong>in</strong>g <strong>in</strong> member firms around the world. KPMG has<br />

been operat<strong>in</strong>g <strong>in</strong> <strong>Cyprus</strong> s<strong>in</strong>ce 1948 and currently employs more<br />

than 850 professionals work<strong>in</strong>g from 6 offices across the island<br />

(Nicosia, Limassol, Larnaka, Paralimni, Pafos, Polis Chrysochous).<br />

By utilis<strong>in</strong>g the whole spectrum of KPMG International services<br />

and the deep knowledge <strong>in</strong> all major <strong>in</strong>dustries, KPMG provides its<br />

clients with solutions which address their unique characteristics.<br />

Clients look to KPMG for a consistent standard of service based<br />

on high-order professional capabilities, <strong>in</strong>dustry <strong>in</strong>sight, local<br />

knowledge and expertise.<br />

14 Esperidon Street, 1087, Nicosia - <strong>Cyprus</strong><br />

Contact: Maria A. Papacosta -<br />

Board Member, Head of Clients and Markets<br />

(+357) 22 209 000<br />

maria.papacosta@kpmg.com.cy<br />

www.kpmg.com.cy<br />

ACCOUNTING & AUDITING<br />

PHILIPPOS SOSEILOS<br />

CEO, PwC CYPRUS<br />

PWC CYPRUS<br />

In a world that is constantly evolv<strong>in</strong>g, our aim at PwC <strong>Cyprus</strong> is to<br />

f<strong>in</strong>d the right solutions to complex problems. We focus on quality<br />

and build strong relationships based on trust, creat<strong>in</strong>g value for<br />

our clients, stakeholders and society. Based on PwC’s new global<br />

strategy, “The New Equation”, we look at problems from different<br />

angles and present <strong>in</strong>novative solutions that make a difference<br />

and lead to susta<strong>in</strong>ed outcomes. More than 1,000 people <strong>in</strong> <strong>Cyprus</strong><br />

jo<strong>in</strong> forces with 327,000 professionals of our global network <strong>in</strong><br />

155 countries and create an experienced team that comb<strong>in</strong>es<br />

<strong>in</strong>telligent approaches, experience and technological <strong>in</strong>novation.<br />

www.pwc.com.cy<br />

PwC Central, 43 Demostheni Severi Avenue,<br />

CY-1080 Nicosia - <strong>Cyprus</strong><br />

Contact: Konstant<strong>in</strong>a Logotheti -<br />

Director, Market<strong>in</strong>g & Communications<br />

(+357) 22 555 000<br />

konstant<strong>in</strong>a.logotheti@pwc.com<br />

www.pwc.com.cy<br />

ACCOUNTING & AUDITING<br />

PETROS THEODOTOU<br />

FCCA<br />

FOUNDER & CEO<br />

SERVPRO ACCOUNTANTS & CONSULTANTS<br />

ServPRO is a team of accountants, auditors, lawyers and<br />

consultants. A practic<strong>in</strong>g member of ICPAC and ACCA, a National<br />

Member of Auditaxes International, an ACCA Approved Employer,<br />

an ISO 9001:2015 and an ISO 27001:2013 Certified Company.<br />

Our areas of expertise are Account<strong>in</strong>g & F<strong>in</strong>ance, Advisory &<br />

Consult<strong>in</strong>g, Audit & Assurance, Corporate & Legal, Economic<br />

Substance and Taxation. We have a stellar track record <strong>in</strong><br />

deliver<strong>in</strong>g practical solutions to corporate and <strong>in</strong>dividual clients<br />

with a spherical, solution-driven and detail-oriented approach,<br />

while demonstrat<strong>in</strong>g an aptitude of professionalism, <strong>in</strong>tegrity and<br />

commercial acumen. Dur<strong>in</strong>g the remarkable year of 2021, we have<br />

celebrated 10 years of deliver<strong>in</strong>g an impeccable quality of services<br />

and practical solutions across a diversified range of <strong>in</strong>dustries to a<br />

grow<strong>in</strong>g mult<strong>in</strong>ational clientele.<br />

Accountants & Consultants<br />

1 K<strong>in</strong>yra Street, K<strong>in</strong>yras Tower,<br />

3rd Floor, 1102 Nicosia - <strong>Cyprus</strong><br />

Contact: Petros Theodotou FCCA -<br />

Founder & CEO<br />

(+357) 22 021 100<br />

<strong>in</strong>fo@servpro.com.cy<br />

www.servpro.com.cy


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ASSOCIATION<br />

DR. MICHAEL KAMMAS<br />

DIRECTOR GENERAL<br />

ASSOCIATION OF CYPRUS BANKS<br />

Through its representation of ten member banks that hold more<br />

than 95% market share, the Association of <strong>Cyprus</strong> Banks (ACB)<br />

is the voice of the local bank<strong>in</strong>g system. Its primary target is to<br />

promote best practices for the <strong>in</strong>terest of the bank<strong>in</strong>g sector<br />

and the local economy. The ACB is a non-profit organization<br />

through which common positions are formulated and promoted<br />

on bank<strong>in</strong>g and f<strong>in</strong>ancial issues when local legislative and<br />

governmental policies are determ<strong>in</strong>ed. Through its more than<br />

53 years of operations, the ACB has ga<strong>in</strong>ed the reputation of a<br />

prudent, reliable and consistent partner for various policy makers,<br />

organizations, media, <strong>in</strong>stitutions and the local society.<br />

15 Demetriou Karatasou Str, Office 401,<br />

P.O. Box 16113, 2086 Nicosia - <strong>Cyprus</strong><br />

Contact: Dr. Michael Kammas<br />

- Director General<br />

(+357) 22 664 293<br />

<strong>in</strong>fo@acb.com.cy<br />

www.acb.com.cy<br />

ASSOCIATION<br />

ANDRIA ANDREOU<br />

PRESIDENT<br />

CYPRUS CANNABIS ASSOCIATION (CYCA)<br />

CYCA was formed <strong>in</strong> October 2019 under the auspices of <strong>Cyprus</strong><br />

Chamber of Commerce & Industry. We are lead<strong>in</strong>g the collective of<br />

<strong>in</strong>dividuals and bus<strong>in</strong>esses that will build the legal Cannabis Ecosystem<br />

<strong>in</strong> <strong>Cyprus</strong>, and advanc<strong>in</strong>g the <strong>in</strong>terests of a responsible,<br />

compliant, transparent and high-quality <strong>in</strong>dustry. As global<br />

recognition of the benefits of legal Cannabis <strong>in</strong>creases with<br />

governments around the world steadily mov<strong>in</strong>g to full legalization,<br />

there is a burgeon<strong>in</strong>g need for high-quality products with known<br />

components; cultivated at large scale for consistent, reliable supply<br />

to users. <strong>Cyprus</strong> is primely positioned as an attractive center of<br />

excellence for production; research; genetics, and <strong>in</strong>tellectual<br />

property from which the legal Cannabis <strong>in</strong>dustry can flourish.<br />

38 Grivas Dhigenis Ave. & 3 Deligiogis<br />

1066 Nicosia - <strong>Cyprus</strong><br />

Contact: Andria Andreou - President<br />

(+357) 99 672 366<br />

a.andreou@cy-ca.org<br />

www.cy-ca.org<br />

ASSOCIATION<br />

CHRISTODOULOS E.<br />

ANGASTINIOTIS<br />

PRESIDENT<br />

CYPRUS CHAMBER OF COMMERCE AND INDUSTRY<br />

The <strong>Cyprus</strong> Chamber of Commerce and Industry (CCCI) membership<br />

exceeds 10.000 enterprises represent<strong>in</strong>g over 95% of the local<br />

bus<strong>in</strong>ess community. 160 Professional Associations are affiliated<br />

to the CCCI <strong>in</strong>clud<strong>in</strong>g 41 Bilateral Associations. Its wide range of<br />

services <strong>in</strong>clude advisory, provision of bus<strong>in</strong>ess <strong>in</strong>formation,<br />

foreign trade exhibitions, trade missions & bus<strong>in</strong>ess fora abroad,<br />

bus<strong>in</strong>ess tra<strong>in</strong><strong>in</strong>g courses & sem<strong>in</strong>ars, advice on European Union<br />

issues, labour relations matters, issue of Certificates of Orig<strong>in</strong> and<br />

ATA-CARNETS and participation <strong>in</strong> EU programmes. CCCI is a full<br />

member of 12 International organizations <strong>in</strong>clud<strong>in</strong>g Eurochambers,<br />

the International Chamber of Commerce, SME United,<br />

Eurocommerce, GS1 and many other <strong>in</strong>ternational organisations.<br />

Follow us on twitter @ccci_cyprus.<br />

38, Grivas Digenis Ave. &<br />

3 Deligiorgis Str. Chamber Build<strong>in</strong>g - <strong>Cyprus</strong><br />

Contact: Marios Tsiakkis - Secretary General<br />

(+357) 22 660 066<br />

secgen@ccci.org.cy<br />

www.ccci.org.cy<br />

ASSOCIATION<br />

CHRIS KOUTOUROUSSIS<br />

PRESIDENT<br />

CYPRUS FIDUCIARY ASSOCIATION<br />

The <strong>Cyprus</strong> Fiduciary Association (CYFA), established <strong>in</strong> 2011,<br />

is the representative body of regulated Adm<strong>in</strong>istrative Service<br />

Providers (ASP’s) <strong>in</strong> <strong>Cyprus</strong>. With a vision to assist <strong>in</strong> form<strong>in</strong>g a<br />

solid <strong>in</strong>ternational bus<strong>in</strong>ess sector <strong>in</strong> <strong>Cyprus</strong> operat<strong>in</strong>g on high<br />

professional standards, ethics and <strong>in</strong>tegrity, the Association aims<br />

to serve <strong>in</strong>dustry providers by promot<strong>in</strong>g their <strong>in</strong>terests, rais<strong>in</strong>g<br />

sector awareness, support<strong>in</strong>g their operations, contribut<strong>in</strong>g to<br />

new legislations and deliver<strong>in</strong>g valuable tra<strong>in</strong><strong>in</strong>g to professionals.<br />

The Association’s commitment to its purpose has established it<br />

among the most reputable and recognised organisations with<strong>in</strong><br />

the country, before public and regulatory authorities, other<br />

associations, as well as the bus<strong>in</strong>ess community <strong>in</strong> <strong>Cyprus</strong> and<br />

overseas.<br />

6, Emmanuel Roide Street, Fourth floor,<br />

Office 402, 1095, Nicosia - <strong>Cyprus</strong><br />

(+357) 22 256 263<br />

<strong>in</strong>fo@cyfa.org.cy<br />

www.cyfa.org.cy


DOING BUSINESS C YPRUS<br />

86<br />

SAUDI ARABIA EDITION<br />

ASSOCIATION<br />

YIOTA SKITINI-<br />

FLOURENTZOU<br />

PRESIDENT<br />

CYPRUS HEALTHCARE TOURISM (CHT)<br />

The <strong>Cyprus</strong> Healthcare Tourism (CHT) is a non-profit organization<br />

that was founded <strong>in</strong> November 2006 after an <strong>in</strong>itiative taken by the<br />

<strong>Cyprus</strong> Chamber of Commerce and Industry (CCCI) aim<strong>in</strong>g to develop<br />

and promote <strong>Cyprus</strong> as a high quality Health Tourism dest<strong>in</strong>ation. The<br />

CHΤ currently has more than 80 members who are actively <strong>in</strong>volved<br />

<strong>in</strong> the <strong>Cyprus</strong> Health Tourism Industry. These vary from state-of-theart<br />

hospitals and cl<strong>in</strong>ics to specialized travel agencies, wellness and<br />

rehabilitation centres as well as consult<strong>in</strong>g firms. Most of the largest<br />

and best equipped hospitals are members of the CHΤ and they are all<br />

licensed by the <strong>Cyprus</strong> Government and comply with EU regulations.<br />

Some of them have moved a step ahead towards ga<strong>in</strong><strong>in</strong>g <strong>in</strong>ternational<br />

accreditations.<br />

38 Grivas Dighenis & 3 Deligiorgis<br />

Street, Nicosia - <strong>Cyprus</strong><br />

T: (+357) 22 889 744<br />

Contact: Polis Peratikos - Executive Secretary<br />

E: cyprushealth@ccci.org.cy<br />

W: www.cyhealthservices.com<br />

ASSOCIATION<br />

HARIS LOIZIDES<br />

PRESIDENT<br />

CYPRUS HOTEL ASSOCIATION<br />

The <strong>Cyprus</strong> Hotel Association is the Hoteliers National Trade<br />

Union. The history of its foundation goes back to the beg<strong>in</strong>n<strong>in</strong>g of<br />

the 1930s. Today the vast majority of all hotel establishments and<br />

other licensed tourist accommodation units, all over <strong>Cyprus</strong>, are<br />

members of the <strong>Cyprus</strong> Hotel Association. The most important<br />

aims of the Association are as follows: The protection and<br />

promotion of the <strong>in</strong>terests of the hoteliers as employers and as<br />

professionals, as well as of the <strong>in</strong>terests of <strong>Cyprus</strong> <strong>in</strong> general; The<br />

promotion and upgrad<strong>in</strong>g of the <strong>Cyprus</strong> tourism development; The<br />

upgrad<strong>in</strong>g and development of the hotel establishments <strong>in</strong> <strong>Cyprus</strong><br />

and the improvement of the professional level of the hoteliers; The<br />

solidarity between its members.<br />

Andreas Araouzos Str., No 12,<br />

Hesperides Build<strong>in</strong>g, 1076 Nicosia - <strong>Cyprus</strong><br />

Contact: Philokypros Roussounides<br />

- Director General<br />

(+357) 22 452 820<br />

cha@cyprushotelassociation.org<br />

www.cyprushotelassociation.org<br />

ASSOCIATION<br />

DOXIA NIKIA<br />

HADJIVASSILIOU<br />

PRESIDENT<br />

CYPRUS INTERNATIONAL BUSINESSES ASSOCIATION<br />

CIBA is a non-governmental, fully <strong>in</strong>dependent association,<br />

f<strong>in</strong>anced by membership fees only. Its activities and <strong>in</strong>itiatives are<br />

organised and carried out by its General Secretary and Executive<br />

Committee of (max.) 12 persons. CIBA represents and safeguards<br />

the <strong>in</strong>terests of the <strong>in</strong>ternational bus<strong>in</strong>esses, their shareholders,<br />

managers and staff. The authorities recognize that CIBA<br />

represents the whole of the <strong>in</strong>ternational bus<strong>in</strong>ess community<br />

<strong>in</strong> <strong>Cyprus</strong> and that it is <strong>in</strong>strumental <strong>in</strong> f<strong>in</strong>d<strong>in</strong>g compromises<br />

between the required EU-driven legislation and <strong>in</strong>ternational<br />

bus<strong>in</strong>ess requirements. CIBA annually awards the prestigious<br />

CIBA Excellence award to a member company that fulfils the<br />

specific criteria as set out by the Association.<br />

10 Pikionis Street, Highsight House<br />

3075 Limassol - <strong>Cyprus</strong><br />

Contact: Andreas Pishias - General Secretary<br />

(+357) 25 583 400<br />

ciba@ciba-cy.org<br />

www.ciba-cy.org<br />

ASSOCIATION<br />

ANDREAS YIASEMIDES<br />

PRESIDENT<br />

CYPRUS INVESTMENT FUNDS ASSOCIATION (CIFA)<br />

CIFA is the Association of professionals, bus<strong>in</strong>esses, and<br />

organizations <strong>in</strong>volved <strong>in</strong> the Investment Funds and Asset<br />

Management Sector <strong>in</strong> <strong>Cyprus</strong>. CIFA has nearly 400 members, legal<br />

and physical. The Mission of CIFA is to: Help its members capitalize<br />

on <strong>in</strong>dustry trends; Shape regulation; Enhance professionalism,<br />

<strong>in</strong>tegrity, and quality and Promote the <strong>Cyprus</strong> Investment Fund<br />

Industry. The Board is comprised of highly reputable <strong>in</strong>dustry<br />

professionals experienced <strong>in</strong> all aspects of the <strong>in</strong>dustry. CIFA is<br />

a full member of the European Funds and Asset Management<br />

Association and the International Investment Funds Association.<br />

The fund <strong>in</strong>dustry <strong>in</strong> <strong>Cyprus</strong> has been on a cont<strong>in</strong>uous <strong>in</strong>crease,<br />

with Assets under Management exceed<strong>in</strong>g €11 billion.<br />

Severis Build<strong>in</strong>g, 9 Makarios III Ave.,<br />

4th Floor, Lefkosia 1065 - <strong>Cyprus</strong><br />

Contact: Maria Panayiotou - Board Secretary<br />

(+357) 22 441 133<br />

<strong>in</strong>fo@cifacyprus.org<br />

www.cifacyprus.org


DOING BUSINESS C YPRUS<br />

87<br />

SAUDI ARABIA EDITION<br />

ASSOCIATION<br />

THOMAS A. KAZAKOS<br />

DIRECTOR GENERAL<br />

CYPRUS SHIPPING CHAMBER<br />

The <strong>Cyprus</strong> Shipp<strong>in</strong>g Chamber is the trade association of the<br />

Shipp<strong>in</strong>g Industry <strong>in</strong> <strong>Cyprus</strong>. The ma<strong>in</strong> purpose of the Chamber<br />

is to promote the <strong>in</strong>terests of <strong>Cyprus</strong> Shipp<strong>in</strong>g and to further<br />

the reputation of the <strong>Cyprus</strong> flag. The Chamber also acts as a<br />

lobby<strong>in</strong>g group for the promotion and safeguard of the legitimate<br />

<strong>in</strong>terests of its Member-companies, at national and <strong>in</strong>ternational<br />

level. On the local front, the Chamber co-operates very closely<br />

with the Government <strong>in</strong> all shipp<strong>in</strong>g related matters. Moreover,<br />

the Chamber operates as a rov<strong>in</strong>g ambassador of <strong>Cyprus</strong><br />

Shipp<strong>in</strong>g through its membership and active participation at<br />

the International Chamber of Shipp<strong>in</strong>g (ICS) and the European<br />

Community Shipowners’ Associations (ECSA).<br />

City Chambers, 6 Regas Fereos Str.<br />

P.O.Box 56607, 3309, Limassol - <strong>Cyprus</strong><br />

Contact: Thomas A. Kazakos<br />

– Director General<br />

(+357) 25 360 717<br />

csc@csc-cy.org<br />

www.csc-cy.org<br />

ASSOCIATION<br />

MICHAEL FILIPPOU<br />

CEO<br />

CYPRUS UNION OF SHIPOWNERS (CUS)<br />

<strong>Cyprus</strong> Union of Shipowners, as the major representative<br />

Organization of the <strong>Cyprus</strong> Flag vessels, is committed to the firm<br />

growth of our National Registry and the establishment of Limassol<br />

as a world-class Maritime Centre. The cooperation between<br />

our Union, the Shipp<strong>in</strong>g Deputy M<strong>in</strong>istry and the M<strong>in</strong>istry of<br />

F<strong>in</strong>ance resulted to an exceptional Framework that <strong>in</strong>duced<br />

prom<strong>in</strong>ent Shipp<strong>in</strong>g Companies, P&I Clubs and other Shipp<strong>in</strong>g<br />

related Service Providers to establish management offices <strong>in</strong><br />

<strong>Cyprus</strong>. Moreover, the solidification of the global reach of our<br />

Union and its <strong>in</strong>stitutional status has curved our participation <strong>in</strong><br />

IMO Committees, as Government Consultants, both mandatory<br />

and effective.<br />

17, Gordonos Str., Suite 301,<br />

3070 Limassol - <strong>Cyprus</strong><br />

Contact: Kater<strong>in</strong>a Michael - PR Manager<br />

(+357) 25 818 161<br />

cus@cus.com.cy<br />

www.cus.com.cy<br />

ASSOCIATION<br />

EVANGELOS<br />

ANASTASIADES<br />

CHAIRMAN<br />

INSURANCE ASSOCIATION OF CYPRUS<br />

The Insurance Association of <strong>Cyprus</strong> is the accredited and<br />

representative body of the Cypriot <strong>in</strong>surance <strong>in</strong>dustry, with 29<br />

member <strong>in</strong>surance companies operat<strong>in</strong>g <strong>in</strong> <strong>Cyprus</strong>, account<strong>in</strong>g<br />

for approximately 98% of total gross written premiums. As<br />

the lead<strong>in</strong>g and united voice of the <strong>Cyprus</strong> <strong>in</strong>surance market<br />

its mission is to promote the <strong>in</strong>dustry’s views and positions to<br />

policymakers and legislators. It is also particularly active with<br />

respect to work aim<strong>in</strong>g at the modernization of the sector, the<br />

cont<strong>in</strong>uous improvement of the level and quality of service to the<br />

public, the enhancement of consumers’ trust and confidence <strong>in</strong><br />

<strong>in</strong>surance products and their providers, and the strengthen<strong>in</strong>g of<br />

the <strong>in</strong>stitution of <strong>in</strong>surance.<br />

23, Zenon Sozos str., 1st floor<br />

1075 Nicosia - <strong>Cyprus</strong><br />

Contact: Andreas Athanasiades<br />

– Director General<br />

(+357) 22 452 990<br />

<strong>in</strong>fo@iac.org.cy<br />

www.iac.org.cy<br />

ASSOCIATION<br />

STELLA KAMMITSI<br />

STEP CYPRUS CHAIRWOMAN<br />

SOCIETY OF TRUST AND ESTATE PRACTITIONERS (STEP)<br />

STEP is the global professional association for practitioners who<br />

specialise <strong>in</strong> family <strong>in</strong>heritance and succession plann<strong>in</strong>g. STEP<br />

works to improve public understand<strong>in</strong>g of the issues families<br />

face <strong>in</strong> this area and promotes education and high professional<br />

standards among its members. STEP members help families<br />

plan for their futures, from draft<strong>in</strong>g a will to advis<strong>in</strong>g on issues<br />

concern<strong>in</strong>g <strong>in</strong>ternational families, protection of the vulnerable,<br />

family bus<strong>in</strong>esses and philanthropic giv<strong>in</strong>g. Today STEP has<br />

more than 20,000 members across 96 countries from a range of<br />

professions, <strong>in</strong>clud<strong>in</strong>g lawyers, accountants and other specialists.<br />

The <strong>Cyprus</strong> branch of STEP numbers over 185 experienced<br />

professionals from all over <strong>Cyprus</strong>, and is active <strong>in</strong> the spread of<br />

<strong>in</strong>dustry related knowledge, through regular conferences and<br />

presentations.<br />

P.O.Box 24789, 1303 Nicosia - <strong>Cyprus</strong><br />

itsi - STEP <strong>Cyprus</strong> Chairwoman<br />

(+357) 22 777 787<br />

Contact: Stella Kammitsi<br />

skammitsi@raza.com.cy<br />

www.step.org


DOING BUSINESS C YPRUS<br />

88<br />

SAUDI ARABIA EDITION<br />

ASSOCIATION<br />

ANTONIS ANTONIOU<br />

CHAIRMAN<br />

THE CYPRUS EMPLOYERS AND<br />

INDUSTRIALISTS FEDERATION (OEB)<br />

The <strong>Cyprus</strong> Employers and Industrialists Federation (OEB) was<br />

founded <strong>in</strong> 1960. Today, its members are active <strong>in</strong> all sectors of<br />

the economy and employ more than 60% of the private sector’s<br />

workforce. OEB is a pancyprian <strong>in</strong>dependent organisation<br />

compris<strong>in</strong>g of more than 100 of the ma<strong>in</strong> professional / sectoral<br />

Associations, as well as hundreds of companies from the<br />

Agricultural, Manufactur<strong>in</strong>g, Construction, Commercial and<br />

Services Sectors. In total, OEB has more than 10.000 Members<br />

/ Enterprises. OEB is established as a dynamic force <strong>in</strong> <strong>Cyprus</strong>’<br />

socio - economic development and welfare and acts as the ma<strong>in</strong><br />

advocate and representative of the bus<strong>in</strong>ess community.<br />

`<br />

years<br />

4, <strong>Cyprus</strong> Employers & Industrialists<br />

Federation Street, 2000 Nicosia /<br />

P.O.Box 21657, 1511 Nicosia - <strong>Cyprus</strong><br />

Contact: Michalis Antoniou - Director General<br />

(+357) 22 643 000<br />

<strong>in</strong>fo@oeb.org.cy<br />

www.oeb.org.cy<br />

ASSOCIATION<br />

KYRIAKOS KYRIAKOU<br />

PRESIDENT<br />

THE CYPRUS TECH ASSOCIATION<br />

The <strong>Cyprus</strong> Tech Association, a non-for-profit entity, aspires<br />

to provide a dynamic platform for all tech professionals and<br />

<strong>in</strong>ternational ICT companies established <strong>in</strong> <strong>Cyprus</strong> to discuss,<br />

promote, and address common challenges. It also provides a<br />

formal representation to all its members to forums, public and<br />

private entities, as well as offers direction on key strategic issues,<br />

<strong>in</strong>clud<strong>in</strong>g the economic importance of the ICT sector and policy<br />

advocacy.<br />

Makariou III Avenue,<br />

4th Floor, 1065 Nicosia - <strong>Cyprus</strong><br />

(+357) 22 441 133<br />

<strong>in</strong>fo@techcyprus.org.cy<br />

www.cyprustechassociation.org.cy<br />

ASSOCIATION<br />

KYRIAKOS IORDANOU<br />

GENERAL MANAGER<br />

THE INSTITUTE OF CERTIFIED PUBLIC<br />

ACCOUNTANTS OF CYPRUS (ICPAC)<br />

The Institute of Certified Public Accountants of <strong>Cyprus</strong> (ICPAC) is the<br />

competent authority for regulat<strong>in</strong>g the account<strong>in</strong>g profession and the<br />

sole recognised body of Auditors by the state <strong>in</strong> <strong>Cyprus</strong>. Established <strong>in</strong><br />

1961, ICPAC currently has more than 5.500 professional accountants<br />

as members and 3.500 students. ICPAC houses all professional<br />

accountants, supports and promotes the activities and <strong>in</strong>terests of the<br />

accountancy profession, safeguards the reputation of the profession<br />

and adherence to the Code of Ethics, as well as provides for the<br />

cont<strong>in</strong>uous professional development and updat<strong>in</strong>g of members. In<br />

addition, ICPAC is also a competent authority under the Anti-Money<br />

Launder<strong>in</strong>g law, the laws on the Regulation of Enterprises Provid<strong>in</strong>g<br />

Adm<strong>in</strong>istrative Services and the Insolvency Practitioners Law, as well<br />

as one of the primary stakeholders of the economy of the country.<br />

11 Byron Avenue, CY-1096, Nicosia - <strong>Cyprus</strong><br />

Contact: Kyriakos Iordanou<br />

– General Manager<br />

(+357) 22 870 030<br />

<strong>in</strong>fo@icpac.org.cy<br />

www.icpac.org.cy<br />

BANKING<br />

PANICOS NICOLAOU<br />

CHIEF EXECUTIVE OFFICER<br />

BANK OF CYPRUS PLC<br />

Established <strong>in</strong> 1899, Bank of <strong>Cyprus</strong> is currently the lead<strong>in</strong>g<br />

bank<strong>in</strong>g and f<strong>in</strong>ancial services Group <strong>in</strong> <strong>Cyprus</strong>, operat<strong>in</strong>g 64<br />

branches <strong>in</strong> <strong>Cyprus</strong> and representative offices <strong>in</strong> Russia, Ukra<strong>in</strong>e<br />

an Ch<strong>in</strong>a. The Bank is the only f<strong>in</strong>ancial <strong>in</strong>stitution <strong>in</strong> the region<br />

that is concurrently regulated by three different corporate<br />

governance codes (UK Corporate Governance Code, <strong>Cyprus</strong><br />

Stock Exchange Corporate Governance Code and Central Bank<br />

of <strong>Cyprus</strong> Internal Governance Directive) and <strong>in</strong> four different<br />

European jurisdictions (<strong>Cyprus</strong>, Ireland, the UK and the EU).<br />

Through the Wealth Services Division we offer a wide range of<br />

<strong>in</strong>vestment products and specialized services, <strong>in</strong>clud<strong>in</strong>g Private<br />

Bank<strong>in</strong>g, Affluent Bank<strong>in</strong>g, Institutional Wealth & Custody,<br />

Brokerage & Asset Management as well as Investment Bank<strong>in</strong>g.<br />

51 Stass<strong>in</strong>ou, 2002 Strovolos,<br />

Nicosia - <strong>Cyprus</strong><br />

Contact: Emilios Tannousis -<br />

Manager Wealth Management<br />

(+357) 22 128 000<br />

<strong>in</strong>fo@bankofcyprus.com<br />

www.bankofcyprus.com


DOING BUSINESS C YPRUS<br />

89<br />

SAUDI ARABIA EDITION<br />

BANKING<br />

LOUCAS MARANGOS<br />

CEO<br />

CDBBANK (THE CYPRUS DEVELOPMENT<br />

BANK PUBLIC COMPANY LTD)<br />

Founded <strong>in</strong> 1963, cdbbank (<strong>Cyprus</strong> Development Bank) is today one<br />

of the country’s lead<strong>in</strong>g niche f<strong>in</strong>ancial <strong>in</strong>stitutions dedicated to<br />

satisfy<strong>in</strong>g the needs of domestic and <strong>in</strong>ternational clients. cdbbank<br />

offers a wide range of specialised f<strong>in</strong>ancial services and products,<br />

designed to accommodate the sophisticated requirements of its<br />

clientele which consists of corporate and <strong>in</strong>stitutional clients and<br />

high net worth <strong>in</strong>dividuals. The Bank’s vision is to be the reference<br />

Bank for bus<strong>in</strong>esspeople. Rely<strong>in</strong>g on its long-term experience and<br />

high level of expertise, cdbbank aspires to establish long-term<br />

relationships of trust with its clients, always deliver<strong>in</strong>g excellence<br />

and value.<br />

50 Arch. Makarios III Ave.,<br />

1065 Nicosia - <strong>Cyprus</strong><br />

Contact: Liza Philippou - Head, Network<br />

<strong>Bus<strong>in</strong>ess</strong> and Communication<br />

(+357) 22 846 500<br />

<strong>in</strong>fo@cdb.com.cy<br />

www.cdb.com.cy<br />

BANKING<br />

MICHALIS LOUIS<br />

CEO<br />

EUROBANK CYPRUS LTD<br />

S<strong>in</strong>ce the commencement of our operations <strong>in</strong> August 2007,<br />

we have achieved impressive growth rates, while consistently<br />

demonstrat<strong>in</strong>g healthy profitability, as well as, a strong capital<br />

base and liquidity position. We currently operate a network of eight<br />

Bank<strong>in</strong>g Centers across the island. With tailor-made products and<br />

services based on our clients’ needs, our bus<strong>in</strong>ess model sets us<br />

apart from our competitors, focus<strong>in</strong>g on the areas of Corporate<br />

Bank<strong>in</strong>g, Wealth Management, International <strong>Bus<strong>in</strong>ess</strong> Bank<strong>in</strong>g,<br />

Shipp<strong>in</strong>g, Global Markets and Affluent Bank<strong>in</strong>g.<br />

28, Spyrou Kyprianou Avenue,<br />

1075 Nicosia, P.O Box 27236,<br />

1643 Nicosia - <strong>Cyprus</strong><br />

(+357) 22 208 000<br />

<strong>in</strong>fo@eurobank.com.cy<br />

www.eurobank.com.cy<br />

BANKING<br />

KHALIL LETAYF<br />

CEO<br />

SOCIETE GENERALE BANK – CYPRUS<br />

Societe General Bank – <strong>Cyprus</strong> (SGBCy) draws on more than thirty<br />

years of accumulated experience <strong>in</strong> global bank<strong>in</strong>g <strong>in</strong> <strong>Cyprus</strong> as<br />

well as all the advantages of be<strong>in</strong>g part of an <strong>in</strong>ternational Group.<br />

The bank is present <strong>in</strong> the most important big cities <strong>in</strong> <strong>Cyprus</strong>:<br />

Nicosia, Limassol and Larnaca. SGBCy activities are organized<br />

around private bank<strong>in</strong>g, corporate bank<strong>in</strong>g and <strong>in</strong>ternational<br />

bus<strong>in</strong>esses. Bank<strong>in</strong>g services encompass a wide range of<br />

diversified, standard and tailor-made services that are conceived<br />

to answer the broadest range of customers’ needs. The bank<br />

pursues long-term relationships with its high net worth and<br />

corporate customers <strong>in</strong> order to meet fully their expectations.<br />

88 Dighenis Akritas & 36 Kypranoros<br />

Street, 1061 Nicosia - <strong>Cyprus</strong><br />

Contact: Hovik Arslanian -<br />

Assistant General Manager<br />

(+357) 80 007 777<br />

Hovik.Arslanian@sgbcy.com<br />

www.sgcyprus.com<br />

CONSULTING<br />

CHARLES ELLINAS<br />

CEO<br />

E-CNHC – E-C NATURAL HYDROCARBONS COMPANY LTD<br />

The company provides advisory, project management and<br />

consultancy services <strong>in</strong> the oil & gas and energy sectors and aims<br />

to contribute to the successful development of these Sectors for<br />

the future of <strong>Cyprus</strong>. The CEO has over 35-years <strong>in</strong>ternational<br />

experience <strong>in</strong> promot<strong>in</strong>g and develop<strong>in</strong>g oil & gas bus<strong>in</strong>ess and<br />

projects spann<strong>in</strong>g Europe, Asia and Africa. We can assist our clients<br />

<strong>in</strong> develop<strong>in</strong>g their bus<strong>in</strong>ess <strong>in</strong> <strong>Cyprus</strong>, evaluat<strong>in</strong>g opportunities<br />

and provid<strong>in</strong>g <strong>in</strong> depth professional advice and support.<br />

11 Tyrtaiou Street, 1087 Nicosia - <strong>Cyprus</strong><br />

Contact: Dr Charles Ell<strong>in</strong>as - CEO<br />

(+357) 97 705 060<br />

Charles.ell<strong>in</strong>as@yahoo.com<br />

www.e-cnhc.com


DOING BUSINESS C YPRUS<br />

90<br />

SAUDI ARABIA EDITION<br />

CONSULTING<br />

PANAYIOTIS GREGORIADES<br />

CEO & DIRECTOR<br />

PIVOT CONSULTANTS (CYPRUS) LIMITED<br />

We are a lead<strong>in</strong>g contributor of simplified, nimble <strong>in</strong>tegrated,<br />

customized solutions, Cross-border <strong>Bus<strong>in</strong>ess</strong> transactions and<br />

strategies <strong>in</strong> Asia and Europe. Deep well recognized local expertise<br />

with Global connectivity and vision form part of the solutions<br />

we deliver to entrepreneurs and Government clients look<strong>in</strong>g<br />

for substance <strong>in</strong> F<strong>in</strong>ancial services Industry, Capital markets,<br />

Taxation, Corporate advisory and Investment funds Industry. Our<br />

<strong>in</strong>sights assist you to be more proactive, effective and profitable<br />

especially <strong>in</strong> fast grow<strong>in</strong>g India, Greece and <strong>Cyprus</strong>. We are<br />

committed to provid<strong>in</strong>g best <strong>in</strong> class service, compliant and<br />

transparent solutions, with <strong>in</strong>creased focus on localization and<br />

develop<strong>in</strong>g local markets.<br />

<br />

<br />

PIVOT, member of TSSAG<br />

<br />

88 Markarios III Avenue<br />

1077 Nicosia - <strong>Cyprus</strong><br />

Contact: Panayiotis Gregoriades<br />

The - CEO & Director<br />

(+357) 22 731 002<br />

The Securities Services Advisory Group<br />

pgregoriades@pivotcyprus.com<br />

www.pivotcyprus.com<br />

<br />

<br />

CORPORATE SERVICES<br />

EVDOKIA STAVRAKI<br />

DIRECTOR<br />

ALTER DOMUS (CYPRUS) LTD<br />

Alter Domus is a fully <strong>in</strong>tegrated service provider dedicated to<br />

private equity, <strong>in</strong>frastructure, real asset, and debt capital markets<br />

sectors. Our 3,600 employees across more than 35 offices <strong>in</strong> 20<br />

countries provide end-to-end solutions to alternative <strong>in</strong>vestment<br />

managers, free<strong>in</strong>g up time for them to focus on their core activities<br />

of sourc<strong>in</strong>g capital and execut<strong>in</strong>g deals. Our local team <strong>in</strong> <strong>Cyprus</strong><br />

works diligently to help clients meet their grow<strong>in</strong>g regulatory<br />

obligations and keep up with <strong>in</strong>creas<strong>in</strong>g <strong>in</strong>vestor demands.<br />

Offer<strong>in</strong>g fund adm<strong>in</strong>istration, corporate services, transfer pric<strong>in</strong>g,<br />

and domiciliation services, you can rely on our on-the-ground<br />

expertise to help you take advantage of opportunities as they arise.<br />

11 Limassol Avenue, Galatariotis Build<strong>in</strong>g,<br />

2112, PO Box 27282, 1643 Nicosia - <strong>Cyprus</strong><br />

Contact: Evdokia Stavraki - Director<br />

(+357) 22 465 151<br />

Evdokia.Stavraki-Stephanou@<br />

alterdomus.com<br />

www.alterdomus.com<br />

CORPORATE SERVICES<br />

NAKIS KYPRIANOU<br />

MANAGING PARTNER<br />

ANDERSEN<br />

Andersen <strong>in</strong> <strong>Cyprus</strong> is the Cypriot member firm of Andersen<br />

Global®, an <strong>in</strong>ternational association of member firms comprised<br />

of tax and legal professionals worldwide. Andersen Cy is a<br />

regulated account<strong>in</strong>g firm based <strong>in</strong> Nicosia provid<strong>in</strong>g a wide range<br />

of professional services ma<strong>in</strong>ly to <strong>in</strong>ternational clients. The firm<br />

is a member of the Institute of Certified Public Accountants of<br />

<strong>Cyprus</strong> and the <strong>Cyprus</strong> VAT Association. With worldwide presence<br />

through the member firms and collaborat<strong>in</strong>g firms of Andersen<br />

Global, client service and solutions are coord<strong>in</strong>ated seamlessly<br />

between service l<strong>in</strong>es and locations to ensure clients receive best<strong>in</strong>‐class,<br />

comprehensive solutions.<br />

140 Athalassas Avenue,<br />

2024 Nicosia - <strong>Cyprus</strong><br />

Contact: Nakis Kyprianou<br />

- Manag<strong>in</strong>g Partner<br />

(+357) 22 456 333<br />

nakis.kyprianou@cy.Andersen.com<br />

cy.Andersen.com<br />

CORPORATE SERVICES<br />

MARINA ZEVEDEOU<br />

CO-FOUNDER AND CEO<br />

ASPEN TRUST GROUP<br />

The Aspen Trust Group is a lead<strong>in</strong>g corporate service and f<strong>in</strong>ancial<br />

plann<strong>in</strong>g provider; established <strong>in</strong> 1998 and licensed by ICPAC, our<br />

Group provides International Structur<strong>in</strong>g and Tax Management<br />

solutions to Corporates and High Net Worth Individuals. Specific<br />

services <strong>in</strong>clude entity setup and management, legal and<br />

adm<strong>in</strong>istration support, bank<strong>in</strong>g and tax compliance, f<strong>in</strong>ancial<br />

management and restructur<strong>in</strong>g, re-domiciliation, patent<br />

registration, residency and citizenship, cross- border mergers,<br />

family office services and headquarter<strong>in</strong>g. We build long term,<br />

trusted relationships with clients and associates, aim<strong>in</strong>g to add<br />

value to their bus<strong>in</strong>esses and be part of their success stories. Our<br />

team consists of qualified accountants, lawyers and MBA-holders<br />

who undergo rigorous tra<strong>in</strong><strong>in</strong>g to provide tailor-made solutions.<br />

77 Limassol Avenue<br />

Elia House, Nicosia 2121 - <strong>Cyprus</strong><br />

Contact: Mar<strong>in</strong>a Zevedeou -<br />

Co-founder and CEO<br />

(+357) 22 418 730<br />

mar<strong>in</strong>a.zevedeou@aspentrust.com<br />

www.aspentrust.com


DOING BUSINESS C YPRUS<br />

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SAUDI ARABIA EDITION<br />

CORPORATE SERVICES<br />

ANDREAS ATHINODOROU<br />

CEO<br />

ATG CORPORATE SERVICES<br />

‘Creat<strong>in</strong>g Protect<strong>in</strong>g and Grow<strong>in</strong>g Wealth’: We offer a<br />

comprehensive range of services that <strong>in</strong>clude <strong>in</strong>itial structur<strong>in</strong>g<br />

advice, company/trust formation, corporate adm<strong>in</strong>istration, legal<br />

and company secretarial, tax compliance, account<strong>in</strong>g and f<strong>in</strong>ancial<br />

report<strong>in</strong>g. As our clients’ trusted service partner, we act as a s<strong>in</strong>gle<br />

contact po<strong>in</strong>t for their structure’s needs and centrally coord<strong>in</strong>ate<br />

all parties <strong>in</strong>clud<strong>in</strong>g the shareholders and directors, banks, legal<br />

advisers and others. Our <strong>Cyprus</strong> solutions <strong>in</strong>clude the IP box, EU<br />

headquarter<strong>in</strong>g, tech/crypto-asset solutions and <strong>in</strong>ternational<br />

trusts/foundations. ATG Corporate Services is a member of the<br />

Ath<strong>in</strong>a Trust Group offer<strong>in</strong>g f<strong>in</strong>ancial services that <strong>in</strong>clude Fund<br />

and Private Wealth services to high-net-worth <strong>in</strong>dividuals, fund<br />

managers/promoters.<br />

KEMA Bldg, 5th Floor East,<br />

21 Akademias Avenue, 2107,<br />

Nicosia - <strong>Cyprus</strong><br />

Contact: Andreas Ath<strong>in</strong>odorou - CEO<br />

(+357) 22 057 560<br />

andreas.ath<strong>in</strong>odorou@atgcorporate.com<br />

www.atgcorporate.com<br />

CORPORATE SERVICES<br />

ANDREAS HADJIMICHAEL<br />

CEO<br />

EXECUTIVE BUSINESS CONSULTANTS LTD<br />

Executive <strong>Bus<strong>in</strong>ess</strong> Consultants Limited is an <strong>in</strong>ternational<br />

Fiduciary and Family Office Service Firm based <strong>in</strong>, and operat<strong>in</strong>g<br />

out of, Larnaca, <strong>Cyprus</strong>. It is a fully <strong>in</strong>dependent and privately<br />

owned service firm hav<strong>in</strong>g its roots established s<strong>in</strong>ce 1987. EBC<br />

operates under a boutique style concept, provid<strong>in</strong>g specialized<br />

and tailor-made solutions and services to High-Net-Worth<br />

Individuals and their corporate structures. S<strong>in</strong>ce its existence<br />

EBC has managed to develop and build strong bus<strong>in</strong>ess l<strong>in</strong>ks with<br />

both local and <strong>in</strong>ternational F<strong>in</strong>ancial Institutions, and other<br />

professionals together creat<strong>in</strong>g a strong worldwide network of<br />

reputable and trusteed associates work<strong>in</strong>g together as a team<br />

to provide our clients the knowledge and expertise required for<br />

satisfy<strong>in</strong>g their needs.<br />

Simou Menardou 8, Ria Court 8, 4th Floor,<br />

Office 402, 6015 Larnaca - <strong>Cyprus</strong><br />

PO. Box 42633, 6051<br />

Contact: Andreas Hadjimichael - CEO<br />

(+357) 24 823 999<br />

andreas@executive.com.cy<br />

www.executive.com.cy<br />

CORPORATE SERVICES<br />

ISAVELLA EVRIPIDOU<br />

CEO/FOUNDER<br />

GFSC GLOBAL<br />

GFSC Global is a lead<strong>in</strong>g Corporate and Legal Group of Companies<br />

Licensed and Regulated Worldwide. S<strong>in</strong>ce our establishment,<br />

GFSC Global assists with a full range of corporate, legal, f<strong>in</strong>ancial,<br />

licens<strong>in</strong>g, gam<strong>in</strong>g, crypto, ico/sto, blockcha<strong>in</strong>, immigration, tax<br />

advice, account<strong>in</strong>g, bank<strong>in</strong>g and adm<strong>in</strong>istration services across<br />

the world. Our services are offered <strong>in</strong> more than 70 jurisdictions,<br />

<strong>in</strong>clud<strong>in</strong>g advis<strong>in</strong>g, plann<strong>in</strong>g, formation and <strong>in</strong>corporation as<br />

well as management of <strong>in</strong>ternational structures, full licens<strong>in</strong>g<br />

and post-licens<strong>in</strong>g supports. Through our Licensed Service<br />

Providers, professional Consultants and Tax Advisors, we assist <strong>in</strong><br />

choos<strong>in</strong>g the most convenient jurisdictions, subject to your needs,<br />

operations and bus<strong>in</strong>ess <strong>in</strong>tentions. GFSC GLOBAL is a member<br />

with CYFA, CIA, ACAMs, IIA, CIFA and many other associations.<br />

Agias Zonis 22A, Iakovou center,<br />

Office 101, 3027, Limassol - <strong>Cyprus</strong><br />

Isavella Evripidou – CEO/Founder<br />

(+357) 25 269 400<br />

Evripidou.i@gfscglobal.com<br />

www.gfscglobal.com, www.gciecorp.com<br />

CORPORATE SERVICES<br />

SARA GUNNERVIK<br />

MANAGING PARTNER<br />

KENDRIS (CYPRUS) LIMITED<br />

KENDRIS is your Swiss partner <strong>in</strong> <strong>Cyprus</strong> for family office,<br />

trust and fiduciary services, <strong>in</strong>ternational tax and legal advice,<br />

account<strong>in</strong>g, outsourc<strong>in</strong>g, aviation advisory and art management.<br />

KENDRIS is fully owned and operated by its management and<br />

employees. KENDRIS Group employs around 180 specialists,<br />

and our clients comprise companies, <strong>in</strong>dividuals, and families<br />

as well as family offices, f<strong>in</strong>ancial <strong>in</strong>stitutions, law firms and tax<br />

consultancies. We offer our clients tailored solutions to help them<br />

achieve their objectives. Our strong presence and our specific<br />

know-how <strong>in</strong> various sectors and markets make us an expert<br />

and reliable partner for corporate clients, private clients, and<br />

<strong>in</strong>stitutional clients.<br />

Spyrou Kyprianou 50, Irida 3<br />

12th Floor, Larnaca 6057 - <strong>Cyprus</strong><br />

Contact: Sara Gunnervik –<br />

Office Manag<strong>in</strong>g Partner<br />

(+357) 24 631 300<br />

s.gunnervik@kendris.com<br />

www.kendris.com


DOING BUSINESS C YPRUS<br />

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SAUDI ARABIA EDITION<br />

CORPORATE SERVICES<br />

STAVROS PAVLOU<br />

CEO<br />

PAGECORP GROUP<br />

Pagecorp Group is a lead<strong>in</strong>g provider of corporate,<br />

adm<strong>in</strong>istration, secretarial and other related services based<br />

<strong>in</strong> <strong>Cyprus</strong>, with a worldwide network of professional affiliates.<br />

Licensed by the <strong>Cyprus</strong> Securities and Exchange Commission<br />

(CySEC) and with over 20 years of experience <strong>in</strong> the fiduciary<br />

and corporate services sector, the Group advises major local<br />

and <strong>in</strong>ternational organizations, <strong>in</strong>stitutions and groups, as<br />

well as start-ups and entrepreneurs on all aspects of their<br />

corporate needs, <strong>in</strong>clud<strong>in</strong>g relocat<strong>in</strong>g/headquarter<strong>in</strong>g <strong>in</strong> <strong>Cyprus</strong>.<br />

Furthermore, the legal consultants, company adm<strong>in</strong>istrators,<br />

accountants and support staff of the Group can assist clients on<br />

all matters relat<strong>in</strong>g to <strong>Cyprus</strong> International Trusts, <strong>in</strong>ternational<br />

tax plann<strong>in</strong>g, account<strong>in</strong>g, f<strong>in</strong>ancial advisory, tax adm<strong>in</strong>istration<br />

and other related services.<br />

334 Agiou Andreou & Eleftheriou Venizelou<br />

corner, Vashiotis <strong>Bus<strong>in</strong>ess</strong> Centre, Ground<br />

floor offices, 3035 Limassol - <strong>Cyprus</strong><br />

Contact: Stavros Pavlou - CEO<br />

(+357) 25 878 866<br />

<strong>in</strong>fo@pagecorpgroup.com<br />

www.pagecorpgroup.com<br />

CORPORATE SERVICES<br />

GEORGE AYIOMAMITIS<br />

MANAGING DIRECTOR<br />

SOVEREIGN GROUP - CYPRUS<br />

Sovereign is a lead<strong>in</strong>g <strong>in</strong>dependent provider of corporate,<br />

private client and retirement plann<strong>in</strong>g services. Currently<br />

manag<strong>in</strong>g over 20,000 structures for a wide variety of clients –<br />

companies, entrepreneurs, private <strong>in</strong>vestors or high net worth<br />

<strong>in</strong>dividuals (HNWIs) and their families – and have assets under<br />

adm<strong>in</strong>istration <strong>in</strong> excess of £20 billion. As an <strong>in</strong>ternational<br />

provider with a presence <strong>in</strong> over 20 jurisdictions around the<br />

world, Sovereign is dedicated to offer<strong>in</strong>g <strong>in</strong>tegrated advice,<br />

products and services to <strong>in</strong>ternationally mobile bus<strong>in</strong>esses<br />

and people that have sophisticated and often complex needs.<br />

Sovereign assist them to generate, structure and protect their<br />

<strong>in</strong>come and assets <strong>in</strong> the most efficient way.<br />

16 Herodotou Street,<br />

Limassol, 3095 - <strong>Cyprus</strong><br />

Contact: George Ayiomamitis<br />

- Manag<strong>in</strong>g Director<br />

(+357) 25 733 440<br />

cy@SovereignGroup.com<br />

www.SovereignGroup.com<br />

CORPORATE SERVICES<br />

ANDREAS MERCOURI<br />

MANAGING DIRECTOR<br />

TRIDENT TRUST COMPANY (CYPRUS) LIMITED<br />

Founded <strong>in</strong> 1978, the Trident Trust Group is one of the largest<br />

<strong>in</strong>dependent global providers of corporate, trust, fund, mar<strong>in</strong>e and<br />

fiduciary services. With presence <strong>in</strong> more than 24 Jurisdictions<br />

ensures access to a range of services that extends from traditional<br />

corporate domicile representation to the adm<strong>in</strong>istration<br />

of complex trust and fund structures. Trident Trust <strong>Cyprus</strong><br />

established its presence over 25 years ago, is regulated by the<br />

<strong>Cyprus</strong> Securities and Exchange Commission, and is today one<br />

of the largest members of the local f<strong>in</strong>ancial services <strong>in</strong>dustry,<br />

employ<strong>in</strong>g over 80 professionally qualified staff.<br />

Griva Digeni 115, Trident Centre<br />

3101 Limassol - <strong>Cyprus</strong><br />

Contact: Andreas Mercouri -<br />

Manag<strong>in</strong>g Director<br />

(+357) 25 820 650<br />

cyprus@tridenttrust.com<br />

www.tridenttrust.com<br />

CORPORATE SERVICES<br />

NICK TERRY<br />

MANAGING DIRECTOR<br />

VISTRA (CYPRUS) LTD<br />

At Vistra, we believe your bus<strong>in</strong>ess and your people can make a<br />

difference <strong>in</strong> the world. That’s why our work is focused on help<strong>in</strong>g<br />

our clients act with confidence and speed to seize opportunity<br />

wherever it arises. As a global corporate service provider and<br />

fund adm<strong>in</strong>istrator with more than 5,000 professionals <strong>in</strong> over 45<br />

jurisdictions, we empower legal entities globally to work smarter,<br />

grow faster, act responsibly, protect capital and scale across<br />

borders — by do<strong>in</strong>g what we do best: reduc<strong>in</strong>g risk and enhanc<strong>in</strong>g<br />

efficiency. Discover how we can help you and your bus<strong>in</strong>ess seize<br />

opportunity today by explor<strong>in</strong>g our services at vistra.com.<br />

2nd Floor Sotiri Tof<strong>in</strong>i 4<br />

Agios Athanasios, 4102 Limassol - <strong>Cyprus</strong><br />

Contact: Nick Terry - Manag<strong>in</strong>g Director<br />

(+357) 25 817 411<br />

Nick.Terry@vistra.com<br />

www.vistra.com


DOING BUSINESS C YPRUS<br />

93<br />

SAUDI ARABIA EDITION<br />

ECONOMIC ANALYSIS<br />

FIONA MULLEN<br />

DIRECTOR<br />

SAPIENTA ECONOMICS LTD<br />

Sapienta Economics is a Nicosia-based economic consultancy<br />

produc<strong>in</strong>g top-level analysis primarily on <strong>Cyprus</strong> for a range<br />

of prestigious clients, <strong>in</strong>clud<strong>in</strong>g banks, oil/gas majors, big four<br />

account<strong>in</strong>g firms and over a dozen embassies. Our services<br />

<strong>in</strong>clude bespoke consultancy and the monthly Sapienta Country<br />

Analysis <strong>Cyprus</strong>. Each month we take an <strong>in</strong>-depth look at prospects<br />

for political stability, government effectiveness, a resolution of the<br />

<strong>Cyprus</strong> problem, structural policies <strong>in</strong>clud<strong>in</strong>g natural gas, fiscal<br />

performance, debt susta<strong>in</strong>ability, bank<strong>in</strong>g sector stability and the<br />

latest economic trends. No other organization offers such breadth<br />

and depth of <strong>in</strong>ter-related issues. Sapienta Economics and its<br />

Director Fiona Mullen are <strong>in</strong>dependent, with no political ties <strong>in</strong><br />

<strong>Cyprus</strong> or abroad and no <strong>in</strong>vestment <strong>in</strong> <strong>Cyprus</strong> shares or bonds.<br />

Tenedou 7, No 401, Lykavitos,<br />

CY1055 Nicosia - <strong>Cyprus</strong><br />

Contact: Fiona Mullen - Director<br />

(+357) 99 338 224<br />

fiona.mullen@sapientaeconomics.com<br />

www.sapientaeconomics.com<br />

ENERGY<br />

DEMETRIS C. FESSAS<br />

ACTING DIRECTOR GENERAL<br />

CYPRUS HYDROCARBONS COMPANY (CHC)<br />

CHC is the National Oil and Gas Company of <strong>Cyprus</strong>. As a stateowned<br />

company, CHC undertakes the commercial management<br />

of the ownership rights of the Republic of <strong>Cyprus</strong> that arise from<br />

the contracts with which it has entered <strong>in</strong>to with oil and gas<br />

companies with<strong>in</strong> its Exclusive Economic Zone. The vision of<br />

CHC is aligned with that of the Government of <strong>Cyprus</strong>, which is<br />

to ensure the susta<strong>in</strong>able development of hydrocarbon resources<br />

present <strong>in</strong> the Exclusive Economic Zone of the Republic of <strong>Cyprus</strong>,<br />

<strong>in</strong> order to maximize the benefits for Cypriot society and future<br />

generations.<br />

53 Strovolou Avenue, Victory Build<strong>in</strong>g,<br />

2018 Strovolos, Nicosia - <strong>Cyprus</strong><br />

Contact: Demetris Fessas –<br />

Act<strong>in</strong>g Director General<br />

(+357) 22 203 880<br />

d.fessas@chc.com.cy<br />

www.chc.com.cy<br />

EXECUTIVE EDUCATION<br />

MARIOS SIATHAS<br />

CHIEF EXECUTIVE OFFICER<br />

EUROPEAN INSTITUTE OF MANAGEMENT AND FINANCE (EIMF)<br />

The EIMF is an accredited and licensed Education Group that<br />

offers learn<strong>in</strong>g and development opportunities, <strong>in</strong>clud<strong>in</strong>g<br />

Global Qualifications, across an array of areas. EIMF possesses<br />

a strong concentration with<strong>in</strong> the areas of f<strong>in</strong>ancial and<br />

professional services (regulation, compliance, AML, bank<strong>in</strong>g,<br />

funds), account<strong>in</strong>g, legal, management, as well as Information-<br />

Technology through its New Horizons Computer Learn<strong>in</strong>g Centers.<br />

Knowledge is delivered by established subject-matter experts,<br />

through classroom, Live Onl<strong>in</strong>e, eLearn<strong>in</strong>g and customized<br />

learn<strong>in</strong>g solutions. With a presence <strong>in</strong> London, Brussels, Frankfurt,<br />

Belgrade, Copenhagen, Nicosia, Tel Aviv, Athens, Sofia, Dubl<strong>in</strong> and<br />

Bucharest and over 5,000 students annually, 330+ programmes,<br />

60+ <strong>in</strong>structors and 25 <strong>in</strong>ternational Certifications, make the EIMF<br />

a leader <strong>in</strong> the field of vocational education <strong>in</strong> the wider region.<br />

25 Megaron Street, 2032 Strovolos<br />

Nicosia - <strong>Cyprus</strong><br />

Contact: Marios Siathas -<br />

Chief Executive Officer<br />

(+357) 22 274 470<br />

msiathas@eimf.eu<br />

www.eimf.eu<br />

FINANCIAL ADVISORY<br />

DEMETRIS TAXITARIS<br />

CHIEF EXECUTIVE OFFICER<br />

MAP S.PLATIS GROUP<br />

MAP S.Platis Group is a lead<strong>in</strong>g f<strong>in</strong>ancial services consult<strong>in</strong>g Group<br />

with clients that <strong>in</strong>clude regulators, banks, funds and fund managers,<br />

<strong>in</strong>vestment firms, brokers, f<strong>in</strong>tech firms, <strong>in</strong>surance firms and payment<br />

and electronic money <strong>in</strong>stitutions. Our expert team, currently<br />

compris<strong>in</strong>g over 400 high-calibre professionals, provides unique<br />

and tailored solutions <strong>in</strong> licens<strong>in</strong>g, regulatory compliance, risk management,<br />

<strong>in</strong>ternal audit, human resources, regulatory technology,<br />

<strong>in</strong>formation technology, bus<strong>in</strong>ess resilience, <strong>in</strong>formation security<br />

<strong>in</strong>clud<strong>in</strong>g cybersecurity, governance, executive tra<strong>in</strong><strong>in</strong>g and <strong>in</strong>novation<br />

consult<strong>in</strong>g to f<strong>in</strong>ancial and other firms <strong>in</strong> the UK, <strong>Cyprus</strong> and the<br />

EU. Thanks to our vast regulatory compliance experience, cont<strong>in</strong>ued<br />

<strong>in</strong>teraction with regulatory authorities, unparalleled track record,<br />

global network of associates and wealth of resources, our team can<br />

support any client’s regulatory needs efficiently and effectively.<br />

74 Archiepiskopou Makariou C, Floors 2-3,<br />

Mesa Geitonia, 4003, Limassol - <strong>Cyprus</strong><br />

Contact: Herodotos Michael - Senior<br />

Manager, Authorisations and Regulatory<br />

<strong>Bus<strong>in</strong>ess</strong> Development (+357) 25 351 335<br />

<strong>in</strong>fo@mapsplatis.com<br />

www.mapsplatis.com


DOING BUSINESS C YPRUS<br />

94<br />

SAUDI ARABIA EDITION<br />

FUND ADMINISTRATION<br />

ANDREAS ATHINODOROU<br />

CEO<br />

ATG FUND SERVICES<br />

‘Creat<strong>in</strong>g Protect<strong>in</strong>g and Grow<strong>in</strong>g Wealth’: We offer a<br />

comprehensive range of services <strong>in</strong>clud<strong>in</strong>g <strong>in</strong>itial fund structur<strong>in</strong>g<br />

advice, licens<strong>in</strong>g, fund set up, fund management support, fund<br />

adm<strong>in</strong>istration/back-office, registrar transfer agent services, NAV<br />

and regulatory report<strong>in</strong>g. As our clients’ trusted service partner<br />

we act as a s<strong>in</strong>gle contact po<strong>in</strong>t for their structures, centrally<br />

coord<strong>in</strong>at<strong>in</strong>g all fund parties <strong>in</strong>clud<strong>in</strong>g the fund manager,<br />

<strong>in</strong>vestors, depositary and the regulator. Our clients are <strong>Cyprus</strong>,<br />

Cayman Islands and BVI funds that <strong>in</strong>vest <strong>in</strong> liquid securities,<br />

private equity, real estate, shipp<strong>in</strong>g and crypto assets. ATG Fund<br />

Services is a member of the Ath<strong>in</strong>a Trust Group offer<strong>in</strong>g f<strong>in</strong>ancial<br />

services that <strong>in</strong>clude Corporate and Private Wealth services to<br />

high-net-worth <strong>in</strong>dividuals and corporates.<br />

KEMA Bldg, 5th Floor East,<br />

21 Akademias Avenue, 2107,<br />

Nicosia - <strong>Cyprus</strong><br />

Contact: Andreas Ath<strong>in</strong>odorou - CEO<br />

(+357) 22 057 570<br />

andreas.ath<strong>in</strong>odorou@atgfunds.com<br />

www.atgfunds.com<br />

FUND MANAGEMENT<br />

NIKOLAS CHARALAMBOUS<br />

CEO<br />

INVEQO FUND MANAGEMENT LTD<br />

Inveqo Fund Management Ltd (INVEQO) is an Alternative<br />

Investment Fund Manager, authorised and supervised by the<br />

<strong>Cyprus</strong> Securities and Exchange Commission (CySEC) with<br />

license number AIFM32/56/2013. The team br<strong>in</strong>gs together<br />

several years of experience <strong>in</strong> fund and <strong>in</strong>vestment management<br />

services <strong>in</strong> various jurisdictions such as the United K<strong>in</strong>gdom,<br />

Malta, Luxembourg and <strong>Cyprus</strong>. INVEQO provides a range of<br />

services, <strong>in</strong>clud<strong>in</strong>g portfolio management, risk management,<br />

adm<strong>in</strong>istration, fund set-up, licens<strong>in</strong>g and registration, and<br />

other fund related services. Our mission is to create value for our<br />

<strong>in</strong>vestors, clients and associates by demonstrat<strong>in</strong>g pr<strong>in</strong>cipled<br />

<strong>in</strong>dustry leadership, offer<strong>in</strong>g high-quality services, and <strong>in</strong>novative<br />

solutions.<br />

16 Navar<strong>in</strong>ou Street, Agios Andreas<br />

CY-1100, Nicosia - <strong>Cyprus</strong><br />

Nikolas Charalambous - CEO<br />

(+357) 22 666 500<br />

<strong>in</strong>fo@<strong>in</strong>veqo.net<br />

www.<strong>in</strong>veqo.net<br />

FUND MANAGEMENT<br />

MARIA PAPAKOKKINOU<br />

EXECUTIVE DIRECTOR<br />

IXI INVESTMENTS<br />

IXI Investments is authorized by CySEC as an Alternative<br />

Investment Fund Manager, focused on achiev<strong>in</strong>g capital growth<br />

with relatively low drawdowns and low correlation and by actively<br />

manag<strong>in</strong>g exposures <strong>in</strong> the G10 currencies and gold. IXI applies a<br />

robust <strong>in</strong>-house developed <strong>in</strong>vestment process and an efficient<br />

execution framework that allows it to tap <strong>in</strong>to the FX market <strong>in</strong> a<br />

timely and systematic manner, from the signal generation stage<br />

to trades execution. IXI employs sophisticated computational<br />

systems for its trad<strong>in</strong>g and execution algorithms which implement<br />

advanced quantitative, mathematical, and statistical models.<br />

Syntagmatos Square, Old Port, Build<strong>in</strong>g X1,<br />

1ST Floor, 3042 Limassol - <strong>Cyprus</strong><br />

Contact: Maria Papakokk<strong>in</strong>ou - COO<br />

(+357) 25 262 669<br />

<strong>in</strong>fo@ixi.com<br />

www.ixi.com<br />

FUND MANAGEMENT<br />

ANDREY NARUTSKIY<br />

MANAGING DIRECTOR, CEO<br />

LEON MFO INVESTMENTS LTD<br />

Leon MFO Investments Ltd is an Alternative Investment Fund<br />

Manager authorized and regulated by CySEC (license number<br />

AIFM 37/56/2013). The firm provides discretionary portfolio<br />

management, fund management and <strong>in</strong>vestment advice. Total<br />

assets under management exceed $800mln. Recently, Leon<br />

launched two funds which are addressed to professional and well<strong>in</strong>formed<br />

<strong>in</strong>vestors: a) LEON Income Fund RAIF VCIC PLC and b)<br />

LEON Global Hedge Fund RAIF VCIC PLC.<br />

37, Theklas Lisioti, Gem<strong>in</strong>i House,<br />

Office 301, CY-3030, Limassol - <strong>Cyprus</strong><br />

Contact: Andrey Narutskiy -<br />

Manag<strong>in</strong>g Director, CEO<br />

(+357) 25 268 120<br />

leonmfo@leonmfo.com<br />

www.leon<strong>in</strong>vestments.com.cy


DOING BUSINESS C YPRUS<br />

95<br />

SAUDI ARABIA EDITION<br />

FUND MANAGEMENT<br />

GEORGE W. SAMS<br />

CEO<br />

WEALTH FUND SERVICES LTD<br />

Wealth Fund Services Ltd is a global advisory and asset<br />

management company, based <strong>in</strong> <strong>Cyprus</strong> and licensed by<br />

CySEC (<strong>Cyprus</strong> Securities & Exchange Commission) as an AIFM<br />

management company with license No 6/78/2012. It operates<br />

<strong>in</strong> the field of sett<strong>in</strong>g-up, runn<strong>in</strong>g and manag<strong>in</strong>g UCITS Mutual<br />

Fund, Registered Alternative Fund (RAIF) and Alternative<br />

Investment Fund (AIF) <strong>in</strong> l<strong>in</strong>e with the recent EU Directive which is<br />

implemented by the Cypriot legislation. It also offers Discretionary<br />

Asset management and Advisory services to HNI and Institutional<br />

clients. The primary goal of the Company is the protection of the<br />

assets under management rema<strong>in</strong><strong>in</strong>g focused on achiev<strong>in</strong>g high<br />

return yields and provid<strong>in</strong>g top quality services to its <strong>in</strong>vestors.<br />

Kennedy 12-14, Kennedy <strong>Bus<strong>in</strong>ess</strong> Center<br />

Office 305, 1087, Nicosia - <strong>Cyprus</strong><br />

Contact: George Sams - CEO<br />

(+357) 22 755 506-07<br />

<strong>in</strong>fo@wealthfs.com.cy<br />

www.wealthfs.com.cy<br />

INVESTMENT PROMOTION<br />

EVGENIOS EVGENIOU<br />

CHAIRMAN<br />

INVEST CYPRUS<br />

Invest <strong>Cyprus</strong> (<strong>Cyprus</strong> Investment Promotion Agency) is the<br />

<strong>in</strong>vestment authority of the Government of <strong>Cyprus</strong> dedicated to<br />

attract and facilitate foreign direct <strong>in</strong>vestment <strong>in</strong>to the country.<br />

In close collaboration with all governmental authorities and<br />

public <strong>in</strong>stitutions, as well as the private sector, Invest <strong>Cyprus</strong> is<br />

the country’s lead agent <strong>in</strong> establish<strong>in</strong>g <strong>Cyprus</strong> as a world-class<br />

dest<strong>in</strong>ation for <strong>in</strong>ternational bus<strong>in</strong>ess activity and <strong>in</strong>vestments.<br />

Invest <strong>Cyprus</strong>’ mandate is to raise awareness of <strong>Cyprus</strong> as a<br />

dest<strong>in</strong>ation for FDI across the globe, provid<strong>in</strong>g certa<strong>in</strong>ty around all<br />

aspects of operat<strong>in</strong>g a bus<strong>in</strong>ess <strong>in</strong> <strong>Cyprus</strong> and support<strong>in</strong>g potential<br />

<strong>in</strong>vestors <strong>in</strong> develop<strong>in</strong>g their bus<strong>in</strong>ess case for <strong>in</strong>vestment <strong>in</strong>to the<br />

country.<br />

9 Makariou III Avenue,<br />

4th Floor, 1065 Nicosia - <strong>Cyprus</strong><br />

(+357) 22 441 133<br />

<strong>in</strong>fo@<strong>in</strong>vestcyprus.org.cy<br />

www.<strong>in</strong>vestcyprus.org.cy<br />

INVESTMENT SERVICES<br />

JOHNY ABUAITAH<br />

CEO<br />

WINDSOR BROKERS LTD<br />

W<strong>in</strong>dsor Brokers was established <strong>in</strong> Limassol <strong>Cyprus</strong> with roots<br />

dat<strong>in</strong>g back to 1988. The Company was the first Cypriot Investment<br />

Firm of its type to be licensed and regulated by the Central Bank<br />

of <strong>Cyprus</strong>, and by 2004, it was regulated by the <strong>Cyprus</strong> Securities<br />

and Exchange Commission. Our company’s mission is to empower<br />

people <strong>in</strong> the pursuit of their f<strong>in</strong>ancial goals. For over three<br />

decades, we have rema<strong>in</strong>ed committed to serv<strong>in</strong>g <strong>in</strong>vestors who<br />

place security, <strong>in</strong>tegrity, and reliability at the forefront of their<br />

<strong>in</strong>vestment goals.<br />

W<strong>in</strong>dsor Brokers <strong>Bus<strong>in</strong>ess</strong> Center,<br />

Spyrou Kyprianou 53, Mesa Geitonia<br />

4003 Limassol - <strong>Cyprus</strong><br />

Contact: Jabra Serieh - Director of Market<strong>in</strong>g<br />

(+357) 25 500 700<br />

Jabra.Serieh@W<strong>in</strong>dsorBrokers.eu<br />

www.w<strong>in</strong>dsorbrokers.eu<br />

LAW FIRM<br />

ANGELOS G. PAPHITIS<br />

MANAGING PARTNER<br />

A.G.PAPHITIS & CO. LLC<br />

AGP & Co is a highly reputable, lead<strong>in</strong>g, dynamic and award<br />

w<strong>in</strong>n<strong>in</strong>g Law Firm. Our reputation for excellence is recognized<br />

worldwide. Based <strong>in</strong> <strong>Cyprus</strong> with strong <strong>in</strong>ternational presence<br />

and a full service office <strong>in</strong> the UAE, we serve our clients as a team,<br />

with a common focus on <strong>in</strong>novation, efficiency and agility. We<br />

provide full service Legal, Corporate, FS Advisory & Regulatory<br />

Compliance/AML, Crypto Licens<strong>in</strong>g, Tax, Immigration, Relocation<br />

and Real Estate services. AGP & Co consists of the follow<strong>in</strong>g ma<strong>in</strong><br />

departments: Dispute Resolution; Corporate/Commercial; FS<br />

Advisory & Regulatory Compliance; Real Estate & Immigration;<br />

Tax-Account<strong>in</strong>g-Audit. Deliver<strong>in</strong>g excellent client service that<br />

benefits from long and last<strong>in</strong>g relationships, we are dedicated to<br />

provid<strong>in</strong>g our clients with superior results.<br />

“AGP Chambers”, 84 Spyrou<br />

Kyprianou Avenue,<br />

4004 Limassol - <strong>Cyprus</strong><br />

Postal Address: P.O.Box 58419,<br />

3734 Limassol - <strong>Cyprus</strong><br />

Contact: Angelos G. Paphitis<br />

- Manag<strong>in</strong>g Partner<br />

(+357) 25 731 000<br />

angelos.paphitis@agplaw.com<br />

www.agplaw.com


DOING BUSINESS C YPRUS<br />

96<br />

SAUDI ARABIA EDITION<br />

LAW FIRM<br />

AGNI LIVERA<br />

MANAGING DIRECTOR<br />

AGNI LIVERA LLC<br />

Agni Livera LLC is a highly experienced and fully serviced law firm,<br />

based <strong>in</strong> Nicosia, <strong>Cyprus</strong>. Agni Livera LLC offers a complete array<br />

of legal services specialis<strong>in</strong>g <strong>in</strong> the areas of Bank<strong>in</strong>g & F<strong>in</strong>ance,<br />

Company law, Insurance law, Debt Collection, Employment law,<br />

Intellectual Property, Fund services, Regulatory and Compliance<br />

services as well as a full range of Fiduciary services. Follow<strong>in</strong>g<br />

a client centric approach, the firms’ high-caliber lawyers are<br />

equipped to accommodate all your legal needs, offer<strong>in</strong>g the<br />

highest level of service and advice applicable <strong>in</strong> a fast and costefficient<br />

way, always operat<strong>in</strong>g with discretion, professionalism,<br />

<strong>in</strong>tegrity and transparency.<br />

1-3 Bouboul<strong>in</strong>as Street, Bouboul<strong>in</strong>a<br />

Build<strong>in</strong>g, 3rd Floor, Office 34,<br />

1060 Nicosia - <strong>Cyprus</strong><br />

Contact: Agni Livera – Manag<strong>in</strong>g Director<br />

(+357) 22 552 733<br />

agni@liveralaw.com<br />

www.liveralaw.com<br />

LAW FIRM<br />

LORENZO TOFFOLONI<br />

PARTNER<br />

ANDREAS TH. SOFOKLEOUS LLC<br />

With nearly 40 years of experience, Andreas Th. Sofokleous<br />

LLC is a dynamic and modern boutique law firm. Andreas Th.<br />

Sofokleous LLC has been ranked on top-notch legal directories<br />

(such as Chambers and Partners) and received accomplishments<br />

from different organizations. The firm specializes <strong>in</strong> private client<br />

matters and corporate law (<strong>in</strong>clud<strong>in</strong>g cross border transactions). It<br />

regularly advises high net worth <strong>in</strong>dividuals on a range of matters,<br />

<strong>in</strong>clud<strong>in</strong>g tax plann<strong>in</strong>g, <strong>in</strong>heritance and asset management.<br />

2, Agap<strong>in</strong>oros Street & Makariou III,<br />

IRIS TOWER, Offices 403-405,<br />

1076, Nicosia - <strong>Cyprus</strong><br />

Contact: Lorenzo Toffoloni - Partner<br />

(+357) 22 763 601<br />

<strong>in</strong>fo@aslaw.eu<br />

www.aslaw.eu<br />

LAW FIRM<br />

ANTONIS PASCHALIDES<br />

SENIOR PARTNER: HEAD OF<br />

ENERGY LAW DEPARTMENT<br />

ANTONIS PASCHALIDES & CO LLC<br />

Antonis Paschalides & Co LLC is a boutique, medium-size law firm<br />

based <strong>in</strong> Nicosia that has provided legal services on a local and<br />

<strong>in</strong>ternational level for over 40 years. The Firm has associates <strong>in</strong><br />

UK, Russia, Greece and France. The trust of clients and associates<br />

<strong>in</strong> the high quality of work provided by the Firm is reflected on<br />

the projects <strong>in</strong> which it is <strong>in</strong>volved, and which <strong>in</strong>clude some of<br />

the biggest <strong>in</strong>vestments ever made <strong>in</strong> Russia and Eastern Europe.<br />

Ma<strong>in</strong> areas of practice: Mergers & Acquisitions, Corporate Law,<br />

Bank<strong>in</strong>g, Civil & Commercial litigation, Family Law, Conveyance &<br />

Estate Plann<strong>in</strong>g.<br />

Makariou & Ayias Elenis 36,<br />

Galaxias Build<strong>in</strong>g, 5th floor, Office<br />

502, 1061 Nicosia - <strong>Cyprus</strong><br />

Contact: Lila Kartelia, Head of<br />

Litigation Department<br />

(+357) 22 661 661<br />

l.kartelia@paschalides.com<br />

www.paschalides.com<br />

LAW FIRM<br />

ARETI CHARIDEMOU<br />

FOUNDER<br />

ARETI CHARIDEMOU & ASSOCIATES LLC<br />

Areti Charidemou & Associates LLC was established <strong>in</strong> 1990 with<br />

a vision of be<strong>in</strong>g committed to excellence while creat<strong>in</strong>g a wellrespected<br />

diverse portfolio of <strong>in</strong>ternational clientele. Our areas<br />

of expertise range from Property Law to Trust Law, Company<br />

Law, Mergers and Acquisitions, Tax and Estate Law and Shipp<strong>in</strong>g<br />

Law. Our knowledgeable professionals provide legal services <strong>in</strong><br />

a variety of issues <strong>in</strong>clud<strong>in</strong>g buy<strong>in</strong>g properties and <strong>in</strong>vest<strong>in</strong>g <strong>in</strong><br />

<strong>Cyprus</strong> or abroad, advice on the optimum tax structure based<br />

on the <strong>in</strong>dividual circumstances, <strong>in</strong>corporate companies <strong>in</strong><br />

<strong>Cyprus</strong> or abroad, support the operation of the companies after<br />

the <strong>in</strong>corporation, provide nom<strong>in</strong>ee services if required, etc.<br />

Our objective is to ensure that our clients, whether these are<br />

<strong>in</strong>dividuals, small bus<strong>in</strong>ess entities or large organizations, benefit<br />

from the best of legal advice.<br />

Vasili Michailidi 21-23,<br />

3026 Limassol - <strong>Cyprus</strong><br />

Contact: Areti Charidemou - Founder<br />

(+357) 25 508 000<br />

<strong>in</strong>fo@aretilaw.com<br />

www.aretilaw.com


DOING BUSINESS C YPRUS<br />

97<br />

SAUDI ARABIA EDITION<br />

LAW FIRM<br />

ELENI TZIONI<br />

MANAGING DIRECTOR<br />

E. TZIONI & ASSOCIATES LLC<br />

E. Tzioni & Associates LLC is a fastly grow<strong>in</strong>g boutique law firm<br />

based <strong>in</strong> Nicosia, <strong>Cyprus</strong>. With its <strong>in</strong>novative and flexible approach,<br />

E. Tzioni & Associates LLC delivers the most efficient, complete<br />

and optimum quality service available today. E. Tzioni & Associates<br />

LLC takes the pride of cover<strong>in</strong>g a wide area of knowledge and<br />

expertise possess<strong>in</strong>g strong legal background and experience <strong>in</strong><br />

corporate and commercial matters, with a special emphasis on<br />

mergers and acquisitions, bank<strong>in</strong>g and f<strong>in</strong>ance, jo<strong>in</strong>t ventures<br />

and <strong>in</strong>ternational, cross-border transactions and start-ups as<br />

well as litigation matters. Our practice further possesses a robust<br />

background <strong>in</strong> alternative <strong>in</strong>vestment funds and other regulated<br />

entities, provid<strong>in</strong>g full services rang<strong>in</strong>g from the set up to creation<br />

and function<strong>in</strong>g.<br />

7 Dositheou Street, Para Build<strong>in</strong>g,<br />

Block A, Office 001, 1071 Nicosia - <strong>Cyprus</strong><br />

Contact: Eleni Tzioni - Manag<strong>in</strong>g Director<br />

(+357) 22 932 293<br />

<strong>in</strong>fo@tzionilaw.com.cy<br />

www.tzionilaw.com.cy<br />

LAW FIRM<br />

ELIAS NEOCLEOUS<br />

MANAGING PARTNER<br />

ELIAS NEOCLEOUS & CO LLC<br />

Award-w<strong>in</strong>n<strong>in</strong>g Elias Neocleous & Co LLC is the largest law firm<br />

<strong>in</strong> <strong>Cyprus</strong> and one of the top law firms <strong>in</strong> south east Europe. With<br />

more than 150 lawyers and other professionals based <strong>in</strong> offices<br />

<strong>in</strong> <strong>Cyprus</strong>, Brussels, Budapest, Kiev and Prague we offer a valueadded<br />

service which is second to none. We are dedicated to<br />

diversity <strong>in</strong> recruitment and to reta<strong>in</strong><strong>in</strong>g experienced specialists<br />

<strong>in</strong> every practice area. Comb<strong>in</strong>ed with our <strong>in</strong>vestment <strong>in</strong> IT and<br />

knowledge management <strong>in</strong>frastructure, this means we are able<br />

to tackle the largest and most demand<strong>in</strong>g national and crossborder<br />

assignments. Elias Neocleous and Co LLC is professional,<br />

responsive, <strong>in</strong>novative, and represents the legal practice of the<br />

future.<br />

Neocleous House, 195 Makarios Avenue,<br />

P O Box 50613, Limassol CY 3608 - <strong>Cyprus</strong><br />

Contact: Elias Neocleous - Manag<strong>in</strong>g Partner<br />

(+357) 25 110 110<br />

<strong>in</strong>fo@neo.law<br />

www.neo.law<br />

LAW FIRM<br />

GEORGE Z. GEORGIOU<br />

MANAGING PARTNER<br />

GEORGE Z. GEORGIOU & ASSOCIATES LLC<br />

George Z. Georgiou & Associates LLC is a full-service Cypriot<br />

law firm with offices <strong>in</strong> Nicosia and Limassol. It consists of<br />

approx.70 lawyers, arbitrators, legal consultants and support<br />

staff and is ranked <strong>in</strong> the ma<strong>in</strong> <strong>in</strong>ternational legal directories:<br />

Chambers & Partners, Legal 500 and Who’s Who Legal. The<br />

Firm’s specialist departments <strong>in</strong>clude: Arbitration • Bank<strong>in</strong>g &<br />

F<strong>in</strong>ance • Commercial • Corporate (<strong>in</strong>cl. M&A) • Data Protection •<br />

Employment & Pensions • Estate Plann<strong>in</strong>g • EU Law • Family Law •<br />

Intellectual Property & Media • Litigation (<strong>Cyprus</strong> & International)<br />

• Private Client • Probate • Property & Construction • Regulatory<br />

& Compliance • Tax • Tech. As the sole Cypriot member of the<br />

<strong>in</strong>ternational law alliances Ius Laboris and GALA, it is able to<br />

provide any client with prompt, fully-coord<strong>in</strong>ated, yet locally<br />

specific advice from countries across the globe.<br />

Head Office: 1 Iras Street,<br />

1060 Nicosia - <strong>Cyprus</strong><br />

(+357) 22 763 340<br />

adm<strong>in</strong>@gzg.com.cy<br />

www.gzg.com.cy<br />

LAW FIRM<br />

LEANDROS PAPAPHILIPPOU<br />

MANAGING PARTNER<br />

L PAPAPHILIPPOU & CO LLC<br />

L Papaphilippou & Co LLC was founded <strong>in</strong> 1963. Through constant<br />

and consistent work, it is now one of the lead<strong>in</strong>g and most<br />

respectable law firms <strong>in</strong> <strong>Cyprus</strong>. The firm quickly established<br />

strong presence <strong>in</strong> the fields of corporate and shipp<strong>in</strong>g law,<br />

litigation, bank<strong>in</strong>g and f<strong>in</strong>ance, wealth management and<br />

immigration, thus achiev<strong>in</strong>g good cross-border reputation, which<br />

led to the development of a concrete <strong>in</strong>ternational professional<br />

network and client base. Our list of clients <strong>in</strong>cludes regulatory<br />

bodies, local and <strong>in</strong>ternational bank<strong>in</strong>g and f<strong>in</strong>ancial <strong>in</strong>stitutions,<br />

<strong>in</strong>surance, shipp<strong>in</strong>g and listed companies, mult<strong>in</strong>ationals and<br />

high net worth <strong>in</strong>dividuals.<br />

17 Ifigenias Street, 2007 Strovolos,<br />

P.O.Box 28541, 2080 Nicosia - <strong>Cyprus</strong><br />

Contact: Leandros Papaphilippou<br />

- Manag<strong>in</strong>g Partner<br />

(+357) 22 271 000<br />

<strong>in</strong>fo@papaphilippou.eu<br />

www.papaphilippou.eu


DOING BUSINESS C YPRUS<br />

98<br />

SAUDI ARABIA EDITION<br />

LAW FIRM<br />

NICKY XENOFONTOS<br />

FOUNDER, MANAGING<br />

PARTNER<br />

N. XENOFONTOS LLC LAW FIRM<br />

N. Xenofontos LLC is a specialist, boutique bus<strong>in</strong>ess centric law<br />

firm, servic<strong>in</strong>g both private clients and bus<strong>in</strong>esses. In provid<strong>in</strong>g<br />

our specialised services we deploy a collaborative workflow,<br />

result<strong>in</strong>g <strong>in</strong> efficient and solid advice, experience, with agility.<br />

Our specialist, tailored expertise ecompasses these core<br />

services: Corporate Advisory; Corporate Secretarial / Corporate<br />

Adm<strong>in</strong>istration; Professional Fiduciary services; Trusts / Estate<br />

Plann<strong>in</strong>g / Establishment and adm<strong>in</strong>istration; M&A / Jo<strong>in</strong>t Ventures;<br />

Intellectual Property; Insolvency, Bankruptcy and Restructur<strong>in</strong>g;<br />

Contractual; Legal Op<strong>in</strong>ions; Compliance, AML , Regulatory and<br />

Privacy law; Legal Tra<strong>in</strong><strong>in</strong>g / Sem<strong>in</strong>ars / Web<strong>in</strong>ars; Real Estate;<br />

Employment; Immigration & Migration. Our philosophy is simple:<br />

“Knowledge is of no use unless put <strong>in</strong>to practice” - Anton Chekhov<br />

4 Promitheos Street,<br />

Executive Centre, 1st floor, office M01<br />

1065 Nicosia - <strong>Cyprus</strong><br />

Contact: Nicky Xenofontos –<br />

Founder, Manag<strong>in</strong>g Partner<br />

(+357) 22 25 20 77<br />

nicky@xenofontosllc.com<br />

www.xenofontosllc.com<br />

LAW FIRM<br />

STAVROS PAVLOU<br />

SENIOR AND MANAGING<br />

PARTNER<br />

PATRIKIOS PAVLOU & ASSOCIATES LLC<br />

Patrikios Pavlou & Associates LLC is a lead<strong>in</strong>g law firm <strong>in</strong> <strong>Cyprus</strong>.<br />

With nearly 60 years of experience <strong>in</strong> the local and <strong>in</strong>ternational<br />

legal market, the Firm has developed dist<strong>in</strong>guished expertise<br />

<strong>in</strong> dispute resolution and ADR and a renowned legal consult<strong>in</strong>g<br />

department. The legal teams are constantly <strong>in</strong>volved <strong>in</strong> some of the<br />

largest cross-border bank<strong>in</strong>g, f<strong>in</strong>ancial and corporate transactions<br />

and handle complex litigation, arbitration and mediation matters.<br />

In close cooperation with the associated Pagecorp Group, the<br />

Firm provides its clients with a comprehensive range of corporate<br />

and other related services. The Firm is highly recommended by<br />

prestigious legal directories worldwide for its dist<strong>in</strong>ctive legal<br />

services.<br />

Patrician Chambers, 332<br />

Agiou Andreou Street,<br />

3035 Limassol - <strong>Cyprus</strong><br />

Contact: Stavros Pavlou - Senior<br />

and Manag<strong>in</strong>g Partner<br />

(+357) 25 871 599<br />

spavlou@pavlaw.com<br />

www.pavlaw.com<br />

LAW FIRM<br />

CELIA POURGOURA<br />

PARTNER<br />

POURGOURA & ASPRI LLC<br />

We are a progressive commercial Law Firm, compris<strong>in</strong>g of a team<br />

of dynamic and highly specialised lawyers with diverse academic<br />

and professional backgrounds. Our paramount objective is to offer<br />

the highest level of professional and personalised service to the<br />

client, yet <strong>in</strong> a quick, efficient and affordable manner. Our mission<br />

is to establish ongo<strong>in</strong>g and long term relations with our clients<br />

through commitment, specialisation and by offer<strong>in</strong>g tailor made<br />

professional service by direct<strong>in</strong>g each client’s needs <strong>in</strong> a personal,<br />

<strong>in</strong>dividual way. By choos<strong>in</strong>g to work with us you are assured to<br />

be provided with a complete all round solution regard<strong>in</strong>g your<br />

bus<strong>in</strong>ess affairs, as we ma<strong>in</strong>ta<strong>in</strong> close relations with a vast number<br />

of related discipl<strong>in</strong>es <strong>in</strong> other cities and overseas.<br />

33 Klimentos Street, Office 401,<br />

1061 Nicosia - <strong>Cyprus</strong><br />

Contact: Vasiliki Pourgoura<br />

(+357) 22 460 831<br />

celia.pourgoura@ca-advocates.com<br />

www.ca-advocates.com<br />

LAW FIRM<br />

STELIOS AMERICANOS<br />

MANAGING PARTNER<br />

STELIOS AMERICANOS & CO LLC<br />

Stelios Americanos & Co LLC is a full services, highly <strong>in</strong>novative<br />

law firm with headquarters based <strong>in</strong> Nicosia, <strong>Cyprus</strong> and a<br />

branch <strong>in</strong> Athens, Greece. It specializes <strong>in</strong> corporate, commercial<br />

and bank<strong>in</strong>g law, corporate and commercial litigation, real<br />

estate, f<strong>in</strong>ancial advisory & regulation and blockcha<strong>in</strong> legal<br />

advisory. Stelios Americanos & Co LLC provides its services to<br />

governmental organizations, <strong>in</strong>ternational bank<strong>in</strong>g <strong>in</strong>stitutions,<br />

public companies and mult<strong>in</strong>ational corporations. Moreover<br />

Stelios Americanos & Co LLC has created close relationships with<br />

reputable <strong>in</strong>ternational legal and consult<strong>in</strong>g firms and is, thus,<br />

able to assist clients with their cross-border transactions and<br />

needs. Today, Stelios Americanos & Co LLC is considered one of the<br />

lead<strong>in</strong>g law firms <strong>in</strong> <strong>Cyprus</strong> <strong>in</strong> the areas of its specialty.<br />

12, Demostheni Severi Av.<br />

Office 601, 6th Floor 1080 Nicosia - <strong>Cyprus</strong><br />

Contact: Stelios Americanos<br />

- Manag<strong>in</strong>g Partner<br />

(+357) 22 465 500<br />

stelios@americanoslaw.com<br />

www.americanoslaw.com


DOING BUSINESS C YPRUS<br />

99<br />

SAUDI ARABIA EDITION<br />

NON PROFIT<br />

MARIA MARKIDOU<br />

GEORGIADOU<br />

MANAGING DIRECTOR<br />

CYPRUS SEEDS<br />

<strong>Cyprus</strong> Seeds is a non-profit organization with the mission to<br />

support the commercialization of <strong>in</strong>novative academic research<br />

<strong>in</strong> <strong>Cyprus</strong>. To achieve its objectives, <strong>Cyprus</strong> Seeds offers an<br />

annual 12M program to a small number of scientific teams whose<br />

projects give breakthrough solutions to world problems from any<br />

area, <strong>in</strong>clud<strong>in</strong>g health, environment, and art. In addition to grants,<br />

it offers mentor<strong>in</strong>g, bus<strong>in</strong>ess skills tra<strong>in</strong><strong>in</strong>g, and network<strong>in</strong>g<br />

with <strong>in</strong>vestors. <strong>Cyprus</strong> Seeds is funded through donations<br />

from Foundations, corporations, and <strong>in</strong>dividuals <strong>in</strong> <strong>Cyprus</strong> and<br />

abroad. Among the great achievements of <strong>Cyprus</strong> Seeds are the<br />

sign<strong>in</strong>g for two option-to-be licens<strong>in</strong>g agreements, the creation<br />

of one start-up company, and the sp<strong>in</strong>n<strong>in</strong>g out of the University<br />

of <strong>Cyprus</strong> a solar energy research project.<br />

Ant<strong>in</strong>ou 18, Strovolos,<br />

Nicosia, 2034 - <strong>Cyprus</strong><br />

Contact: Maria Markidou Georgiadou<br />

- Manag<strong>in</strong>g Director<br />

(+357) 22 364 522<br />

maria@cyprusseeds.com<br />

www.cyprusseeds.com<br />

REAL ESTATE<br />

MICHALIS<br />

HADJIPANAYIOTOU<br />

CEO<br />

CYBARCO DEVELOPMENT LTD<br />

Cybarco is the lead<strong>in</strong>g luxury property developer <strong>in</strong> <strong>Cyprus</strong>. Part<br />

of the prestigious Lanitis Group, Cybarco is beh<strong>in</strong>d many of the<br />

island’s landmark projects, <strong>in</strong>clud<strong>in</strong>g Aphrodite Hills Golf Resort,<br />

Akamas Bay Villas, Sea Gallery Villas, The Oval, Limassol Mar<strong>in</strong>a<br />

and Trilogy Limassol Seafront. Cybarco is also responsible for<br />

the exclusive sales of the luxury properties at Limassol Greens,<br />

the most anticipated new golf resort <strong>in</strong> <strong>Cyprus</strong>. With over 75<br />

years’ experience at the top of its <strong>in</strong>dustry, Cybarco has earned its<br />

reputation for outstand<strong>in</strong>g quality and dedicated customer care by<br />

consistently deliver<strong>in</strong>g projects to the highest standards.<br />

10 Tefkrou Anthia Street,<br />

Dali Industrial Zone, 2540 Nicosia - <strong>Cyprus</strong><br />

Contact: Michalis Hadjipanayiotou - CEO<br />

(+357) 22 741 300<br />

<strong>in</strong>fo@cybarco.com<br />

www.cybarco.com<br />

REAL ESTATE<br />

GEORGE IOANNOU<br />

CEO<br />

KORANTINA HOMES<br />

With over 30 years of experience <strong>in</strong> develop<strong>in</strong>g some of the most<br />

luxurious, high aesthetic, projects <strong>in</strong> <strong>Cyprus</strong>, Korant<strong>in</strong>a Homes<br />

has become the most reputable name <strong>in</strong> the development of<br />

luxury and exclusive properties. Our company emphasizes<br />

establish<strong>in</strong>g long-last<strong>in</strong>g relationships with our clients by offer<strong>in</strong>g<br />

personalized services. Our award-w<strong>in</strong>n<strong>in</strong>g flagship luxury resorts,<br />

Cap St Georges, Coral Residences and Soho Resort have attracted<br />

exclusive clientele from every corner of the globe <strong>in</strong>clud<strong>in</strong>g several<br />

celebrities and <strong>in</strong>ternationally renowned jet setters. Our group has<br />

also expanded <strong>in</strong>to the tourism & hospitality sector by develop<strong>in</strong>g<br />

the deluxe 5-star Cap St Georges Hotel & Resort, and the 5-star<br />

hotel located at Soho Resort.<br />

Trikomou Str. 32, 8560<br />

Pegeia Paphos, <strong>Cyprus</strong><br />

Contact: Mel<strong>in</strong>a Rafti – <strong>Bus<strong>in</strong>ess</strong><br />

Development Director<br />

(+357) 26 623 536<br />

<strong>in</strong>fo@korant<strong>in</strong>ahomes.com<br />

www.korant<strong>in</strong>ahomes.com<br />

REAL ESTATE<br />

EVANGELIA ELIADOU<br />

EXECUTIVE DIRECTOR<br />

PAFILIA PROPERTY DEVELOPERS LTD<br />

Pafilia is the largest privately-owned residential developer <strong>in</strong><br />

<strong>Cyprus</strong>, dedicated to deliver<strong>in</strong>g the best <strong>in</strong> concept, design,<br />

quality and service. With a vast property portfolio and projects<br />

<strong>in</strong> enviable locations throughout <strong>Cyprus</strong> and Greece, we offer<br />

excellent <strong>in</strong>vestment opportunities and lifestyle orientated<br />

homes. Pafilia is also the developer beh<strong>in</strong>d three groundbreak<strong>in</strong>g<br />

dest<strong>in</strong>ation resorts, ONE – the tallest residential<br />

seafront tower <strong>in</strong> Europe, NEO – a unique development of 4<br />

towers on the Limassol seafront and M<strong>in</strong>this - the islands most<br />

exclusive leisure and lifestyle resort conveniently located <strong>in</strong> the<br />

w<strong>in</strong>e produc<strong>in</strong>g region of Paphos.<br />

Pafilia House,<br />

33 Nicodemou Mylona Street,<br />

P.O. Box 60159, 8101 Pafos - <strong>Cyprus</strong><br />

Contact: Andrea L<strong>in</strong>dsay –<br />

Group Market<strong>in</strong>g Manager<br />

(+357) 26 848 800<br />

<strong>in</strong>fo@pafilia.com<br />

www.pafilia.com


DOING BUSINESS C YPRUS<br />

100<br />

SAUDI ARABIA EDITION<br />

REAL ESTATE<br />

SAVVAS KAKOS<br />

CEO AND BOARD DIRECTOR<br />

QUALITY GROUP<br />

Quality Group is one of the lead<strong>in</strong>g <strong>in</strong>vestment and development<br />

organizations <strong>in</strong> <strong>Cyprus</strong> and the Mediterranean, with over 30<br />

years of experience, operat<strong>in</strong>g <strong>in</strong> numerous projects. The group<br />

managed to transform from a traditional construction company<br />

<strong>in</strong>to a strong organisation by embrac<strong>in</strong>g the diversification that<br />

the market had to offer. Through trust<strong>in</strong>g the market, the group<br />

managed to build a diversified client-based portfolio, provid<strong>in</strong>g<br />

a variety of <strong>in</strong>vestment options. As a result, Quality Group has<br />

evolved through four dist<strong>in</strong>ct fundamental pillars: Quality Property<br />

Developments, Quality Hospitality, Quality Education, and Quality<br />

Medical. Our commitment to a people-focused approach as well as<br />

our uncompromis<strong>in</strong>g dedication to quality ensures that excellence<br />

and client satisfaction is delivered.<br />

41, Costant<strong>in</strong>ou Paleologou str.<br />

6036, Larnaca - <strong>Cyprus</strong><br />

(+357) 24 821 855<br />

Info@qualitydevelopments.com<br />

qualitygroupcyprus.com<br />

REAL ESTATE<br />

MICHALIS<br />

HADJIPANAYIOTOU<br />

EXECUTIVE DIRECTOR<br />

TRILOGY LIMASSOL SEAFRONT<br />

Brought to life by a world-class collaboration of architects,<br />

designers and developers, Trilogy is an excit<strong>in</strong>g new beachfront<br />

development <strong>in</strong> the heart of Limassol. Three landmark build<strong>in</strong>gs<br />

surround<strong>in</strong>g a bustl<strong>in</strong>g <strong>in</strong>ner plaza, Trilogy is a place to live, work<br />

and play. Its luxury apartments blend the aspirational dream of<br />

high-end liv<strong>in</strong>g, with the sophistication of urban cool. State-ofthe-art<br />

offices also enjoy first-class services and un<strong>in</strong>terrupted<br />

sea views from every w<strong>in</strong>dow. Three dist<strong>in</strong>ct social areas offer<br />

resident-only facilities for secluded leisure and relaxation, as well<br />

as a lively public plaza that can be enjoyed and experienced by<br />

everyone. Your story beg<strong>in</strong>s here…<br />

341, 28th October Avenue<br />

3106 Limassol - <strong>Cyprus</strong><br />

Contact: Yiorgos Georghiou - Sales Director<br />

(+357) 25 362 800<br />

<strong>in</strong>fo@trilogylimassol.com<br />

www.trilogylimassol.com<br />

RECRUITMENT<br />

SOPHIE ARISTODEMOU<br />

CO-FOUNDER<br />

CAREERFINDERS RECRUITMENT SERVICES LIMITED<br />

CareerF<strong>in</strong>ders Recruitment Services Limited is one of <strong>Cyprus</strong>’<br />

most well-respected and established providers of tailor-made<br />

recruitment solutions to many of the largest and most well-known<br />

local and <strong>in</strong>ternational companies operat<strong>in</strong>g across the Island.<br />

With offices <strong>in</strong> both Nicosia and Limassol, our highly experienced<br />

team of recruitment professionals have the knowledge and<br />

expertise to ensure that our clients receive the most suitable<br />

and well-qualified candidates to suit their recruitment needs.<br />

The <strong>in</strong>dustry sectors we service <strong>in</strong>clude Account<strong>in</strong>g/Audit, Legal,<br />

Corporate/Fiduciary, Information Technology, Shipp<strong>in</strong>g, Oil & Gas,<br />

Bank<strong>in</strong>g/F<strong>in</strong>ance and many more. If you are a company seek<strong>in</strong>g to<br />

recruit the very best talent <strong>in</strong> <strong>Cyprus</strong>, please contact us today.<br />

Head Office: 6th Floor, Athlos Build<strong>in</strong>g,<br />

28 Nikis Avenue, Nicosia 1086 - <strong>Cyprus</strong><br />

Contact: Sophie Aristodemou - Director<br />

(+357) 22 002 285<br />

jobs@careerf<strong>in</strong>ders.com.cy<br />

www.careerf<strong>in</strong>ders.com.cy<br />

RECRUITMENT<br />

STEVE SLOCOMBE<br />

FOUNDER / DIRECTOR<br />

GRS RECRUITMENT<br />

With more than 17 years of presence and experience <strong>in</strong> <strong>Cyprus</strong>,<br />

our expertise <strong>in</strong> the provision of Recruitment, Payroll, HR,<br />

and Outplacements services is un-paralleled. By work<strong>in</strong>g <strong>in</strong><br />

partnership with our clients, we provide tailored services based<br />

on a thorough understand<strong>in</strong>g of each client’s circumstances<br />

and needs. We specialise <strong>in</strong>: Permanent Recruitment Search &<br />

Selection, Temporary Recruitment Services, Payroll Solutions,<br />

Recruitment Process Outsourc<strong>in</strong>g, Salary Benchmark<strong>in</strong>g,<br />

Outplacement and Psychometric Personality Assessment.<br />

Our team consists of a highly capable team with <strong>in</strong>ternational<br />

experience and local knowledge.<br />

Head office: Agathangelou <strong>Bus<strong>in</strong>ess</strong> Centre,<br />

101 Gladstonos Street,<br />

Limassol, 3032 - <strong>Cyprus</strong><br />

Contact: Steve Slocombe - Founder/Director<br />

(+357) 25 342 720<br />

jobs@grsrecruitment.com<br />

www.grsrecruitment.com


DOING BUSINESS C YPRUS<br />

101<br />

SAUDI ARABIA EDITION<br />

RESEARCH INSTITUTION<br />

PROF. COSTAS N.<br />

PAPANICOLAS<br />

PRESIDENT<br />

THE CYPRUS INSTITUTE<br />

The <strong>Cyprus</strong> Institute (CyI, www.cyi.ac.cy) is a world-class, nonprofit<br />

research and educational <strong>in</strong>stitution with a strong scientific<br />

and technological orientation. It is a regional Center of Excellence,<br />

address<strong>in</strong>g issues of regional <strong>in</strong>terest but of global significance,<br />

with an emphasis on cross-discipl<strong>in</strong>ary research and <strong>in</strong>ternational<br />

collaborations. Areas of research <strong>in</strong>clude Solar Thermal Energy<br />

and Energy Storage, Climate and Environmental Research,<br />

Technologies for Archaeology and Cultural Heritage, High-<br />

Performance Comput<strong>in</strong>g, Simulation and Hyper-<strong>in</strong>frastructures.<br />

CyI is also an accredited, degree-grant<strong>in</strong>g <strong>in</strong>stitution of higher<br />

education that offers unique, high-quality Master’s and PhD<br />

programs to select students from around the world, and provides<br />

tra<strong>in</strong><strong>in</strong>g for future researchers and scholars <strong>in</strong> partnership with<br />

lead<strong>in</strong>g <strong>in</strong>ternational universities.<br />

20 Konstant<strong>in</strong>ou Kavafi<br />

2121 Aglantzia - <strong>Cyprus</strong><br />

Contact: Dr. Nicolas Jarraud - Assistant<br />

Vice-President for Institute Affairs<br />

(+357) 22 208 700<br />

<strong>in</strong>ternational.relations@cyi.ac.cy<br />

www.cyi.ac.cy<br />

WEB DEVELOPMENT<br />

ALEX CONSTANTI<br />

MANAGING DIRECTOR<br />

IDEASEVEN DIGITAL<br />

Ideaseven are a dynamic, enthusiastic onl<strong>in</strong>e digital development<br />

agency with over 17 years of experience. We focus on provid<strong>in</strong>g<br />

global solutions <strong>in</strong> digital market<strong>in</strong>g, web & app development,<br />

brand<strong>in</strong>g and design services. At ideaseven, we understand<br />

that design and development requires cont<strong>in</strong>uous mutual<br />

communication with our clients. Together, we can provide a<br />

constantly productive and evolv<strong>in</strong>g project. We can help visualize<br />

even the craziest ideas, convert<strong>in</strong>g them <strong>in</strong>to elegant, awesome<br />

experiences and catchy products. We have worked with a lot of<br />

prestigious brands and have delivered award w<strong>in</strong>n<strong>in</strong>g projects<br />

throughout the years.<br />

Pentadactylou 2, office 104,<br />

6060, Larnaca - <strong>Cyprus</strong><br />

Contact: Alex Constanti – Manag<strong>in</strong>g Director<br />

(+357) 24 823 832<br />

<strong>in</strong>fo@ideaseven.com<br />

www.ideaseven.com<br />

THE CYPRUS TRADE CENTER (CTC)<br />

The <strong>Cyprus</strong> Trade Centre (CTC) <strong>in</strong> the United Arab Emirates operates under the auspices of the <strong>Cyprus</strong> M<strong>in</strong>istry<br />

of Energy, Commerce and Industry and it is the commercial and economic arm of the Embassy of the Republic of<br />

<strong>Cyprus</strong> <strong>in</strong> the UAE and covers also some GCC Countries, such as <strong>Saudi</strong> Arabia. The ma<strong>in</strong> objective of CTC Dubai is to<br />

enhance the export of <strong>Cyprus</strong> products and services and to establish, ma<strong>in</strong>ta<strong>in</strong> and develop bus<strong>in</strong>ess relationships<br />

between <strong>Cyprus</strong> and the UAE and GCC Countries by promot<strong>in</strong>g, facilitat<strong>in</strong>g, and attract<strong>in</strong>g foreign <strong>in</strong>vestment.<br />

CORE ACTIVITIES<br />

• Promot<strong>in</strong>g Cypriot exports and services <strong>in</strong> <strong>Saudi</strong> Arabia and other GCC countries<br />

• Organis<strong>in</strong>g bus<strong>in</strong>ess events, trade delegations and participation <strong>in</strong> trade fairs and exhibitions<br />

• Identify<strong>in</strong>g and promot<strong>in</strong>g <strong>in</strong>vestment opportunities <strong>in</strong> <strong>Cyprus</strong><br />

• Provid<strong>in</strong>g <strong>in</strong>formation on <strong>Cyprus</strong> to <strong>Saudi</strong> Arabian and other GCC importers, bus<strong>in</strong>esses and <strong>in</strong>vestors<br />

• Provid<strong>in</strong>g <strong>in</strong>formation to Cypriot bus<strong>in</strong>esses about opportunities <strong>in</strong> <strong>Saudi</strong> Arabia<br />

CONTACT INFORMATION<br />

Hamsah Build<strong>in</strong>g Block A, 2nd Floor,<br />

Office no. 215, Khalid B<strong>in</strong> Waleed Street,<br />

Opposite UAE M<strong>in</strong>istry of Foreign Affairs,<br />

PO Box 11294 Dubai<br />

Contact: Fadi Al Shebli<br />

T: +971 (4) 3575592<br />

W: https://ctcdubai.org<br />

E: cycentre@emirates.net.ae / <strong>in</strong>fo@ctcdubai.org<br />

Embassy of the Republic of <strong>Cyprus</strong> Riyadh, <strong>Saudi</strong> Arabia<br />

Contact: Christakis Demetriou<br />

T: +966 (0) 11 460 22 03 • E: cdemetriou@mfa.gov.cy


DOING BUSINESS C YPRUS<br />

102<br />

SAUDI ARABIA EDITION<br />

TheProfilerGroup<br />

16, Elia Papakyriakou, Suite 101,<br />

Engomi, 2415 Nicosia, <strong>Cyprus</strong><br />

cyprus@theprofilergroup.com<br />

www.theprofilergroup.com<br />

www.cyprusprofile.com

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